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re: Conventioanl Loan / PMI / Home Buying Questions
Posted on 6/19/13 at 4:43 pm to Hu_Flung_Pu
Posted on 6/19/13 at 4:43 pm to Hu_Flung_Pu
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 on 6/19/13 at 8:12 pm to JonTheTigerFan
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?
what if you are still adding to the downpayment in your account?
Posted on 6/19/13 at 8:41 pm to HailToTheChiz
quote: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
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 on 6/19/13 at 8:46 pm to HailToTheChiz
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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