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re: Conventioanl Loan / PMI / Home Buying Questions

Posted on 6/19/13 at 4:43 pm to
Posted by JonTheTigerFan
Central, LA
Member since Nov 2003
7037 posts
Posted on 6/19/13 at 4:43 pm to
quote:

Why is this? I have mine in savings and was just going to transfer a week before.


You can do that. They just want to know the money is your's and not a loan from a relative or something similar. When are you closing?
Posted by HailToTheChiz
Back in Auburn
Member since Aug 2010
53369 posts
Posted on 6/19/13 at 8:12 pm to
so you need to have the full down payment in your account for 60 days prior to closing?

what if you are still adding to the downpayment in your account?
Posted by lsupride87
Member since Dec 2007
107816 posts
Posted on 6/19/13 at 8:41 pm to
quote:

so you need to have the full down payment in your account for 60 days prior to closing? what if you are still adding to the downpayment in your account?
This is how it was explained to me, at least 5% needs to be seasoned in the account for 60 days. I think the remainder you should be fine
Posted by JonTheTigerFan
Central, LA
Member since Nov 2003
7037 posts
Posted on 6/19/13 at 8:46 pm to
quote:

so you need to have the full down payment in your account for 60 days prior to closing? what if you are still adding to the downpayment in your account?


I used money from my most recent paycheck at the time to put down on my house. As long as you can prove it was your money from saving or income, you should be fine. They just wanted my most recent pay stubs and bank statements at the end to verify the money was from my income.
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