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Home Buying in 45365 : Real Estate Advice

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Tue Feb 7, 2017
Fullspectrumproductions1 asked:
Husband and wife with 3 kids. Both have good jobs.one is a teacher and the other works for Honda.
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Thu Jan 7, 2016
Ann Ryan answered:
VA loans require a 0% downpayment. If you already have your certificate of eligibility, it only takes a week or two longer to processthan a conventional loan.
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Tue Oct 1, 2013
Jim Simms answered:
These are questions to ask your Realtor, find a good buyer’s rep you trust and have a counseling session to learn how it all works.

But back to your questions, it depends on the circumstances. If you are going to use a mortgage in order to finance the purchase the lender must document the source of funds before you can use it at the closing. If the money is yours they will need a copy of the front and back of the cancelled check after it has been cashed by whoever holds the funds during the escrow period. If you can’t produce proof the funds were yours or a copy of the cancelled check then it can be refunded to you at closing but you can’t use the funds at that time. If the funds were not yours but a gift, a similar process must occur, just different documentation.

Good luck with your new home, have fun with the buying process.
Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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