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Question about Proof of Funds

Posted on: Sat, 10/18/2008 - 23:11
Question about Proof of Funds

So in my last post i said i need to make an offer on a house and need proof of funds. I talked to my bank and he said he has no doubt that he can get me approved but it may take some time.

So I need to make an offer on this asap and I know i can get an HML to give me POF but my question is if my offer is accepted can i then use my funds or since i made an offer with there POF do i have to use there funds???

Hope this isn't confusing!!! lol

Thanks
Shaun

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Posted on: Thu, 10/23/2008 - 20:29 #1
Shaun

If you are buying the house as an investment, banks usually don't provide the best financing since they are so conservative. Usually, for a lender to approve your loan you will provide check stubs, W-2, bank statements and credit report. It will normally take 1 - 2 weeks.
For Hard Money to verify funds, it will depend on the deal. If your plan is to hold onto the property long term, hard money wouldn't be the way to go unless you do a refi after the title is in your name, usually 30 days after closing.

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Posted on: Thu, 10/23/2008 - 22:05 #2
Shaun,

Hey almost partner. Ive been talking with a DG member who is a HML and the most time they will give you is 30 days. They will add points and your taxes into it also. So be ready with a back-up money person. that 30 days will go fast...Jan


Posted on: Thu, 10/23/2008 - 22:05 #3
Shaun,

Hey almost partner. Ive been talking with a DG member who is a HML and the most time they will give you is 30 days. They will add points and your taxes into it also. So be ready with a back-up money person. that 30 days will go fast...Jan


Posted on: Fri, 10/24/2008 - 00:12 #4
Hey Shaun

To answer your question---NO, you do NOT need to use the lender that supplied the "proof of funds" letter for you, they just want to be assured that you indeed REALLY can buy the house if they accept your offer, so if ABC BANK gave you the letter and thats how your offer was accepted you can still use funding from a different source, SULLY

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YOUR HERO, SULLY


Posted on: Fri, 10/24/2008 - 01:24 #5
Thanks guys!! Questions

Thanks guys!! Questions answered perfectly like always!!