I touch on this from time to time, but it’s important so I want to revisit it…
One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.
This is called sourcing in the mortgage industry.
For instance, the minimum down payment on an FHA loan is 3.5%, and Conventional is 5% (3% for first time home buyers).
You can have this money in your checking account or savings account now. You can borrow it from your retirement account.
…You can even get the down payment as a gift.
…but, it’s crucial that we are able to show where it’s coming from.
I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.
If you aren’t sure where your down payment is coming from – find out now.
..before you apply for a loan.
That’s it for today.
Thanks for reading!
Brett
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