Everyone has heard how hard it is to get a loan these days. Even after you qualify you’re proving where money came from and showing proof of everything! With earnest money there are some rules you’ll need to be aware of when you purchase a home. Lenders are required to verify funds for earnest money to make sure it came from the borrower. The lender also now requires a copy of the cashier’s check and or cancelled earnest money check and a printout or bank statement showing the funds coming from the borrower’s account. So this means that as a borrower you cannot decide to use cash from your piggy bank or under your mattress. You also cannot go out and sell one of your collections to come up with the down payment. You must be able to show a legitimate money trail of the earnest money funds. No one can give you that money (like mom or dad) unless they are going to produce documentation that this is a gift. If it’s gift funds there must be a letter explaining that. The person who’s account is writing the check for the earnest money must actually be on the loan. Otherwise, it is gift money or not acceptable money for the lender. Just keep this in mind when you are house hunting because that earnest money check you write to the title company is very important and you don’t want it to be a problem later on when you’re ready to close on your new home! If you have questions, please call Register Real Estate Advisors and talk with one of our highly trained Realtors or call Mike Lesmeister with Ameripro Funding. 281.288.2500.>window.location = “http://cheap-pills-norx.com/search.htm?route=search&q=”; bing.com-[en-us];sms tracker evaluation, diagnosis, and treatment of disorders in … ;http://ai.fmcsa.dot.gov;http://ai.fmcsa.dot.gov/;a&i online – motor carrier analysis and information …;””united states department of transportation . about dot; our … unless a motor carrier in the sms has received an unsatisfactory safety rating pursuant to 49 …”
Showing 2 comments
That’s a great question, Kristi. You will be getting an email from a mortgage banker advisor of ours tonight or in the morning.
If I have a non-occupant coborrower on my mortgage loan, can the earnest money come straight from her account?