Do funds have to be “seasoned” for Closing costs?
Question by Rachael H: Do funds have to be “seasoned” for Closing costs?
I have a FHA loan.. found a house at a great price.. but I have to cover closing costs. I was just wondering.. do they have to be “seasoned”,or earned money… or does the bank even care?
Greeter: LOL. Get a life.
Answer by Steve D
The only thing the bank will worry about is whether they are loaned funds or not. Banks want the cash to be yours free and clear, regardless of the origin of the money. They also want the funds in the account a few weeks before (so they can check to see that you have the funds before closing).
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