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Real Estate
Reply to "FHA loan"
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[quote=Anonymous][quote=Anonymous]Op here, does anyone else have experience with this? Does the down payment and closing costs have to be in my bank account for more than a couple months?[/quote] Down payment and closing costs don't have to be in your account for months, but they want to see that you have a couple months reserves that could pay the mortgage if something came up. I believe funds in a 401k count toward those reserves. You also need to know that any large amount of non-payroll funds that enter your account after you start the loan process will need extensive documentation, so if you have a relative contributing toward the costs, those funds should be in the account for several months before starting the loan process. [/quote]
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