minka
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 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Posted: Mon Sep 21, 2009 10:49 am Post subject:
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minka, in the preliminary stages of your purchase, you'll need "earnest money," which is a good faith sign to your seller that you truly mean business. generally, this can be anywhere from $500 to $5000, and sometimes more, depending on the price of the property. not having the full 20% at this time is not harmful to your being approved, but what a good loan officer is going to tell you is that he needs to know precisely where the funds are coming from, and when they'll arrive.
if you are simply saving towards your 20%, then you'll be cutting it a little bit close to "have the full 20% in the bank" at the last minute. you're going to want to be able to have verified funds for down payment and closing at the moment that your file should be "cleared to close."
if that means you have to scramble a bit to acquire the funds, then please be prepared to do that.
you'll still get your approval - just be clear in advising your loan officer and on up the chain.
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George M. Akerley
Independent Contractor - Mortgage Consultant
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860-221-5044
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