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Thanks! I also hope OP will get this point too.
@StartingOver10 wrote:
@joshall wrote:From what Shane (Shanethemortgageguy) told me, you do not have to show you have ALL the closing cost when you are being preapproved. As long as you can show that you are on your way to fulfill the full closing cost when it is closed, you are fine.
Can anyone please clarify this? I may have understood it incorrectly.
Yes you understand correctly.
That was not the case with my lender. I had to show it all.
skigirl, did you happen to go to a big box bank? They are much more conservative in their guidelines.
for us, we got our conditional approval..one of the conditions is show funds to close. we don't have the full amount in our account as it's coming from maturing assets. however, we have been able to provide documents showing where the funds will come from.