lender require down payment 90 days history

[meggieli]

Hi all,

Can someone here tell me what is the cutoff date line for showing 90 days history for the down payment? 90 days history before the mortgage approval commitment or 90 days history before the closing date of property transaction? please advice!!



Regards, meggie.

 

[Thomas Beyer]

90 days before you ask for a mortgage as "verification of downpayment" .. more or less .. it is in the bank's discretion ..



engage a good mortgage broker .. one that understands investors and can route your request to an investor friendly banks !!

 

[Selanders]

This depends on your ability to show your down payment Meggie.

If you have your down payment already and your mortgage professional forwards these documents with your mortgage commitment you will not have to update the documents as that particular "condition" of your financing approval has been met.

If you do not have your down payment available then you must prove you have the down payment saved/available at least 10-15 days prior to possession.

Hope this helps Meggie.

Shawn.