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We are currently inthe process of trying to buy a short sale.

We are buying with a VA loan. We were pre approved for 140k and put in our offer for 130k. Due to our move from overseas we have had some unexpected costs and have been forced to dip into our savings that we have for the closing costs(transfering from savings to checking acct). How bad is this going to look and will it ruin our chances of getting the approval for the mortgage? Thanks.
  • June 30 2012 - Surprise
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Answers (3)

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Were going to try to roll as much of the closing costs as we can into the loan. We arent putting anything down. We still have a enough to cover the closing costs left in savings im just concerned with the way it looks having to transfer money just so we can get by for a couple months. Thanks for your responses!
  • July 01 2012
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You need to ask your loan officer for input. If you are buying no money down and seller paying closing cost, your reserve acct would not be much of a factor.  If you are putting money down and/or paying some or all of your closing cost, having verifiable funds for those min amounts will be required. You may still have options of increasing sales price to cover part or all of the closing cost and doing a no money down VA loan if appraisal will support increase sales price.......
  • July 01 2012
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Surprise,
You would need to speak with the lender to know what effect if any that has on your approval.Best of luck.
  • July 01 2012
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