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Got an extension Friday (final extension ) was supposed to get clear to close today,instead I get we need one year of rent checks, and then a by the way do you have a 401k.
I have 20k in reserves after my down payment a 663 credit score if I was approved by the first underwriter with 2 already met conditions what is the deal. My extension runs out Tommorow and I doubt a clear to close and closing happens the same day any idea what is going on. FHA loan by the way. .
I still don't understand why they ask for the 401k statement. Is it not ok to pull money out of it for closing cost/ down payment?
@webhopper wrote:
In some cases its ok to take out a 401k loan to pay for the down payment; however some loans require you to have 2 or 6 months of reserves. A 401k that is 100% vested can meet reserve requirements.
+1