As long as the 5% down buyer is qualified for their mortgage, then the selling bank most likely will not see any difference in the loan qualification as a basis for their decision to award the sale. Time to close sometimes is an issue. Most buyers I work with have a Fully Underwritten Loan Approval. This means there is NOTHING that their lender needs from them-- except a signature from the seller and appraisal. They usually can close within 10 days -- based on when the appraisal is received back. So, the fact they are truly APPROVED for a mortgage, means that the 5% down is completely sufficient.
Highest and Best. In a timely manner. The bank wants the most money they can get.
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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.
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