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Settlement Statement

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Settlement Statement

I am in the process of getting ready to close on my first home. I received a copy of the settlement statement today and it does not have the 3% down payment indicated on it as a payment that needs to be made. This is making the amount needed to close 4000 dollars cheaper than it would be if it was noted on there. Is this a mistake on their part?
Message 1 of 3
2 REPLIES 2
Valued Contributor

Re: Settlement Statement

More than likely I would call them and check. There is no way that will go through without someone catching it so better to catch it early and get it fixed if it is a problem

 

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 2 of 3
Community Leader
Super Contributor

Re: Settlement Statement

The "down payment" is created by the gap between the base loan amount and the sales price.  If the sales price is correct and the loan amount is correct, and you believe you are short funds to close, could it be because you put down earnest money which is being applied towards your down payment?
Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 3 of 3
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