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Will we be Denied?

We submitted our loan application and received our GFE and all the other paperwork.  We also just got the appraisal back which came in over what we were asking to borrow.  The only thing left to do so that we can submit our file to the underwriter is provide our most recent bank statements.  At the end of July, we had enough cash to cover our closing costs but now we are short about $600 from what we need.  When we give them our bank statements and they see that we do not have enough to close, will they deny us for that?  We will have the extra cash (more than enough) once we get paid again within the next week and a half.  I just didn't know if that was grounds for an automatic denial since our loan officer told us that we needed X amount to close (according to the GFE).  If we can prove that we have the funds before closing, will that help?  And how can we do that?  Thanks!
  • September 02 2011 - US
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Answers (3)

No they will not deny you, but the file will not be cleared till you change the short to close.  Deposit the money into your account and get updated statements for them. 

  • September 02 2011
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Did you pay for an appraisal upfront or pay for an insurance policy for 1 year upfront? Has your earnest money been accounted for in the cash needed to close figure? 
  • September 02 2011
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you should be fine.   Once you receive your paychecks and they are deposited into your bank account, get an online printout to show what your new balance is.

The other alternative is to move your rate higher so that you can get a lender credit.

I would discuss both of these options with the loan officer.  
  • September 02 2011
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