Home Buying in Marlboro>Question Details

Denislmarie, Home Buyer in Woodcliff Lake, NJ

Should your down payment be ready by the time you apply for mortgage? Or by your closing time?

Asked by Denislmarie, Woodcliff Lake, NJ Sun Jul 6, 2014

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The bank is going to want to see that you are able to afford the house and come up with the funds necessary to close. If the funds are deposited then they are easy to verify. If the funds are coming to you b gift then a gift letter would likely be satisfactory. If you are waiting for funds from future pay then I would wait till you have those funds.
0 votes Thank Flag Link Tue Sep 2, 2014
Denislmarie,
You must be able to guarantee the funds will be there to everyone's satisfaction. If you are waiting for a pay check that comes regularly to finalize your amount, that's one thing. If it's an inheritance or legal settlement, you may want to wait until it's in your account to be sure nothing goes wrong.
Discuss your specifics with your lender to get the best possible answer for your situation.
0 votes Thank Flag Link Sun Jul 6, 2014
Hello Deniselmarie,

If you need more time putting together a down payment and are a first time buyer in NJ, there are many state grants for down payment funds, A lot of them are set up like second mortgages but you don't have a monthly bill and every year you live in the house you get 25% of the debt waived. If you stay in the house for 4 years it turns out to be free downpayment money . Check out the link below for more information . Good luck in your purchase.
Web Reference: http://www.nj.gov/dca/hmfa/
0 votes Thank Flag Link Sun Jul 6, 2014
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