FAQ’s
Do I need to have the 3.5% down payment at the time I apply for
a mortgage OR by my closing date?
Question :
Do I need to have the 3.5% down payment at the time I apply for a mortgage OR by my closing date?Answer :
The answer really depends on where the money is coming from. Down payment money must be sourced (you document where it came from) or seasoned (meaning the money has been in your posession) for 60 days.If it is a gift (or other acceptable sourced money), you don’t need the money until the closing table.