Pre-Approved for an FHA. Just gave Title Co 10,000 in Earnest $ (my down payment)

Asked by Jennifer, Peoria, AZ Tue Jun 19, 2012

4500 still in savings for closing. Will the lender need to see additional $ in savings? I keep an average of 1500 in checking. Loan amount is 164,000.

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The Urban Team’s answer
The Urban Te…, Agent, Phoenix, AZ
Wed Jun 20, 2012
Only your loan officer can answer this question as it involves the details of your contract and other information about the loan you have qualified for. Anyone here would simply be guessing and could be wrong.
1 vote
Jennie Miller…, Agent, Phoenix, AZ
Wed Jun 20, 2012
You will have to show that you have the remaining amount for your down payment. Did you ask your lender what documents and requirements he has to provide to the underwriter prior to closing?
0 votes
, ,
Wed Jun 20, 2012
You will need whatever your loan officer showed in the application under cash to close less the $10,000.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes
Stephanie We…, Agent, Gilbert, AZ
Wed Jun 20, 2012
If your loan amount is $164,000, then the purchase price must be $169,950. That would be a down of $5,950 for an FHA loan (not including closing costs). Depending on what is in your contract (i.e. closing cost credits), of which we don't know, your $10K deposit should cover most if not all of it. My suggestion is don't move any money around right now AT ALL! The lenders don't like to see that and will need explanations of money movement. If you're not sure, contact your lender since they have the intimate details of this transaction. Also ask your lender what your closing costs will be. At this point, they should have or be giving you a GFE (Good Faith Estimate). Good luck!
0 votes
, ,
Wed Jun 20, 2012
Hi Jennifer,

Sounds like you should be fine, but def ask your loan officer as he/she has all the information readily available, and we do not!

Best wishes, Jim
0 votes
Brenda & Ron…, Agent, Mesa, AZ
Wed Jun 20, 2012

This will depend upon how your contract was written. A minimum down payment on a FHA loan right now is 3.5% which is less than what you have given the title company. Also, what a lender may want to see can vary. Your closing costs will also depend upon how your contract was written and if you are paying an origination fee or points to get a lower interest rate, and also the fees your lender and title company are charging.

What you need to do is to contact your lender and ask them for an accurate answer.

Best Regards,


Ron & Brenda Cunningham
West USA Realty
Ron: 602-499-0694

*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ***

Search the official FlexMLS for homes like a Realtor for FREE at our website:

Ron & Brenda
0 votes
, ,
Tue Jun 19, 2012
This question should really be directed to your loan officer as they have all the fees for your transaction. In general, it sounds like you should be fine if you were approved with 3.5% down payment and typical closing costs.

Brian Cardenas, Sr. Mortgage Consultant
AmeriFirst Financial, Inc.
Mobile: 480.233.7897
0 votes
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