Home Buying in Alexandria>Question Details

engine22, Home Buyer in North, SC

how long does my money have too sit in the bank before i can use it for repairs on new home just purchased ? tx bob

Asked by engine22, North, SC Sun Jul 13, 2014

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After you close there is no waiting. They want to see the money in the bank for a period of time BEFORE you close.
0 votes Thank Flag Link Sun Jul 13, 2014
I assume you're referring to the money the lender used to ensure you had adequate reserves to make the loan? Once you close, you can do anything you want with your money, you need only be careful if you're planning another purchase with someone else's money. As long as you make your monthly mortgage payment your lender doesn't care about your bank account's balance.
0 votes Thank Flag Link Sun Jul 13, 2014
I would not think there is any period needed. Use it when you need to.
0 votes Thank Flag Link Sun Jul 13, 2014
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