Financing in Bronx>Question Details

Dee rivera, Home Buyer in Country Club, Bronx,...

for fha loan...... do u need to show money in bank at time of closing,,,even if u already gave the downpayment.?

Asked by Dee rivera, Country Club, Bronx, NY Tue Feb 23, 2010

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You will need to show where the money came for your deposit, that it was deposited into your account and cleared your account. If there is any other money needed from you for downpayment or closing costs, it will have to be in yoru account and again they could ask where it came from. It alos needs to be in there for a certain amount of time. Your loan officer will be answer your specific question as it applies to you as they will know your financials and what is required. good lcuk with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Feb 23, 2010
Hi Dee,
You'll have to have a paper trail proving where you deposited the downpayment. If you gave the money to the seller already, you'll have to prove that money was given and no you won't have to have the money in the bank if the underwriter is satisfied with the documentation you provided. Usually, you don't give money to the seller directly. It's usually deposited with an escrow company to hold on your behalf. You will also have to show where the closing costs are coming from. With an FHA loan, the seller can pay most of those cost but again you'll have to have documentation (the purchase agreement) proving seller is paying them.

I hope that helps,
Monamarie McCreary
Real Estate and Mortgage Broker
Web Reference: http://www.monamarie.com
0 votes Thank Flag Link Tue Feb 23, 2010
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