Home Buying in North Port>Question Details

dasepter, Home Buyer in North Port, FL

Wll Fannie Mae except a sighned pruchase agreement with a closing date as proof of funds?

Asked by dasepter, North Port, FL Thu May 1, 2014

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6
A signed purchase contract with a closing date is not the same thing as POF.
0 votes Thank Flag Link Tue Jun 10, 2014
Are you working with an agent?

It sounds as though you would benefit from their guidance along with an explanation of the home buying process.
0 votes Thank Flag Link Thu May 1, 2014
It's shocking that someone attempting to buy a home doesn't know what "proof of funds" means. Though signing a contract would legally obligate you to the terms it doesn't show that you have the money to actually purchase it. If you are buying with cash, a bank statement showing you actually have the money would be proof. If you are getting a loan they would want a pre approval letter showing you could actually get a loan.
0 votes Thank Flag Link Thu May 1, 2014
Proof of funds is exactly that. They want to see PROOF that you're good for the money. A purchase agreement is an entirely separate thing. It spells out all of the terms of your offer. (price, close date, how you're paying for it, if you'll do an inspection, appraisal, etc.)

If you're buying it with cash, then they'll want to see a bank statement, or a letter from your bank or your investment banker saying you have $XXX funds. If you're going to get a mortgage, then you'll need to provide a pre-approval letter.
0 votes Thank Flag Link Thu May 1, 2014
Proof of funds means you have to have a letter or bank statement from your financial institution with your name on it indicating that you have enough funds to purchase the home.

I would be happy to help you and work you through the process if you are not already working with a Realtor. I cover the North Port area.

Tammy Hayes, Realtor
Re/Max Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remaxagent.com/
0 votes Thank Flag Link Thu May 1, 2014
Proof of funds means you have to have a letter or bank statement from your financial institution with your name on it indicating that you have enough funds to purchase the home.
0 votes Thank Flag Link Thu May 1, 2014
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