Buying A Home
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Loan Question

Ya'll might remember be posting about hating my lawyer. Well, he's in our good graces again and surpisingly it wasn't his fault things were held up - it was my DH's sister.  (She shares exectutor rights but we don't speak to each other - which is why we went with an estate lawyer to begin with). Anyways....

I have a question about preapprovals (and/or prequalifications). We have the inheritance coming to us in just a couple weeks now and I was wondering if anyone knew if the banks required the money to be in the account before I can apply for a preapproval or not? I already have spoken to a couple banks and they don't require these types of downpayments to be seasoned, so that's not an issue.. I'd just like to get our preapproval so we can put an offer down on a house we really like before it sells. Thanks in advance if you are able to answer the question :) 

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Re: Loan Question

  • Thanks :) I guess i'm just getting impatient and know that I can't contact anyone over the weekend, so that's why I thought if I threw this question out there if anyone had the same experience or might know :)
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  • That is definately a question for a loan officer. But that being said when we got pre-approval they did not ask to see our bank statements or proof of the funds. That didn't happen until we were actually in the loan process.
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  • Thank you! I guess that was what I was actually wondering about. :) I think i'm going to make an appt with a broker and see what we can get started! Appreciate it!
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  • You will not need this information to get a preapproval. That is soley based on your credit alone. Underwriting is going to review your bank statements. Depending on when your loan is actually IN underwriting, these funds may or may not have been in your account long enough to be seasoned. Also depends on if you are doing conventional or FHA financing how many months statements you will need, but lets just assume two months. You may also be asked for documentation regarding any large deposits, so make sure you keep anything that relates to your inheritance should it be needed later down the road.
  • Thanks everyone!!  SHOCKED, but I actually heard back from my lender and we JUST GOT PRE APPROVED!!!  whooohooo!!!  Going to call our RA in the morning and put down an offer! :) I'm so excited that I'm shaking! :)
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