Home Buying in 19119>Question Details

Latifah John…, Home Buyer in Philadelphia, PA

Do I need to have my full down payment saved in order to get pre approved for a mortgage?

Asked by Latifah Johnson, Philadelphia, PA Thu Apr 11, 2013

It will still take me another 4 weeks to save at least $5000 towards my down payment but i am interested in getting pre-approved for a mortgage and start looking at homes now that my score has reached the level it needs to be.

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Answers

4
Nope. You do not have to show your down payment to get prequalified. Email or call me. I will put you in touch with a GREAT and trustworthy mortgage banker. Also, you and I can schedule a meeting to talk about all the next steps.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
267.507.2287 d
856.979.5967 m
axelson@kurfiss.com
Web Reference: http://SellingPhilly.com
0 votes Thank Flag Link Thu Apr 11, 2013
Hi Latifah,
Generally, as a lender, we will want to see all your funds prior to issuing a preapproval. I have been able to supply a preapproval to a buyer when they know that their annual bonus is paid out every May 15th for example and I am confident from reviewing their last 2 years of income history that this bonus does exist and will be available prior to closing. If someone who doesn't normally receive a bonus is banking on one to purchase a home, I wouldn't issue a preapproval letter. Generally we are tracking the time line discussed below by Philip - 30 days worth of preapproval/shopping time and 30 days or less to close. Please feel free to call me if you wish to further discuss your financing needs. I have worked in the lending industry for over 20 years and am confident I can assist you get the mortgage loan that best fits your needs.

Regards,

Julie A. Horvath
Northpointe Bank
Area Manager
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
0 votes Thank Flag Link Thu Apr 11, 2013
As i have been advising folks please deal with and obtain advise in you market area. I feel that a 4 month pre-approveal is too long since the Mortgage provider is going to require new credit checks and income statements about every 30 days so there will be an increase in cost to you and the market in Philadelphia does not have Seller willing to wait 120 or more days to go to settlement. You should be able to locate a house in 30days and settle in another 30 to 45 days. Maybe you should wait anther month and the look. A Realtor should be able to refer you to someone that can give a good idea of what you can afford.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
philcunningham2004@yahoo.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Thu Apr 11, 2013
No, if you're close you can get pre-approved and start looking at homes. Your approval will be conditional, meaning if you don't have the money the loan won't be approved.

Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

There is a book on Amaon called a"Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent.

Good luck!
0 votes Thank Flag Link Thu Apr 11, 2013
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