Will I be denied a loan if my reserves fall short of what the bank ask? Right now they are asking about $9000

Asked by Jane Doe, San Diego, CA Mon Nov 26, 2007

and I currently only have 8000.

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3
Ricardo Bueno, , Los Angeles, CA
Tue Nov 27, 2007
Jane,

During the mortgage application process your loan officer requests what's called a Verification of Deposit from your bank and submits it to the lending institution. Once the loan is ready to fund, the lender will call the banking institution to once again verify that you haven't depleted the funds in your account per the verification of deposit.

So the answer to you question is "Yes." You can be denied for a loan if your reserves fall short of what the lender is asking.

In this instance, you might want to ask a friend or family member to lend you the funds until after the loan funds.
0 votes
Jane Doe, Home Buyer, San Diego, CA
Mon Nov 26, 2007
I am sure they can but I don't want to if I don't have to.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Mon Nov 26, 2007
This is a condition of the loan. Can someone "gift" you the $1000?
Web Reference:  http://www.cindihagley.com
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