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Home Loan Question

To make a long story short, I am purchasing a house. I need to borrow approximately $15,000 to $17,000 for closing, etc. Am I able to round up the loan request to say $20,000 to be safe and put back any extra right away or will TSP think if I only end up needing $16,500, I can't borrow $20,000 and turn down the loan. How exact do you have to be when requesting on a home loan?Thanks! by shanno_257_870 from , . May 9th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You question is confusing... under most lending programs, the lenders don't allow borrowed funds to purchase a home, and the days of 80/20 loans are long gone.. These questions are best suited for your loan officer who is familiar with your complete loan scenario.. if you're not working with a broker then the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 9th 2012
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Dan Eveland (daneveland)
#19 ranked lender in Minnesota - 15 contributions

Is the money your needing to borrow a mortgage or for down payment? The exact amounts will be calculated with your loan officer and don't need to be exact for the application process.

May 9th 2012
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

When purchasing a home you will not be able to recieve any funds at closing. Generally your loan officer should be able to wrap most if not all of the closing costs into your new loan leaving you with just the down payment needed at the closing table. There are also down payment assistance programs out there that may be able to help you with your down payment if you qualify for their program.

May 9th 2012
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Leo Namiot (leolends)
#44 ranked lender in Florida - 13 contributions

Sounds like you need a good realtor and mortgage lender because they should be able to help you structure the deal properly.

May 9th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

You do not need to borrow money upfront before you get approved, You can structure a gift letter, and if anyone is telling you that you need to have the funds first, upfront, into the loan first, put down in escrow, etc run,, all the financial transactions are done at closing ,

May 9th 2012
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