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This depends on the kind of loan you are aplying for. Fannie Mae and Freddie Mac quidelines state that any money that will be used in the purchase of a home needs to be in an account of some sort 2 months prior to close. For us brokers, that usually means that when you apply, you need to show me proof that the money is somewhere, checking, savings, mutual funds, 401K available funds, and/or a cashable insurance policy for the last 2 months. The lender does not want to see that you are borrowing it at the last moment as this can affect the loan even if nothing is said about it at the time. (But is said to the mtg. collection dept. 4-5 months into the loan when one calls the mortgage company to say why the payment is late--(have to pay the quick loan back to the family member right away for whatever reason). There are first time homebuyer loans that require as little as $500.00 if all the other closing costs are paid by seller or grants. Which loan are you applying for??

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18y ago

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