Posted on: 12th Oct, 2010 04:30 pm
I was told that I needed a gift of $5000.00 to be put into my savings account. The bank, I was told, needed to know I have 6 months of income just in case something happens. I already put $5000.00 into the house and 3% of my closing costs are being paid. Thats over $11,000. I'm wondering is that true or are they going to ask for it at closing
Welcome anitak,
The lender will want to check whether or not you've sufficient funds in your account to pay for the mortgage. He will check your account statements to know about them. Once he is satisfied with your financial situation, you will be able to get the mortgage.
The lender will want to check whether or not you've sufficient funds in your account to pay for the mortgage. He will check your account statements to know about them. Once he is satisfied with your financial situation, you will be able to get the mortgage.