New Home Purchase

[Dustin Davis]

Hello Everyone,

I just got under contract with a house with my significant other. We are in our due diligence and have already locked in our rates. The only problem is that the closing costs and escrow is higher than we expected and we are wondering if any of you have recommendations on how to get extra funds. We will need an additional $10,000 more than expected. We are thinking of getting a personal loan but I figured I’d post on here to see if anyone has ran into an issue like this before and has recommendations. We are putting $55,000 as a down payment.

[Karl McGarvey]

The only person who can answer this for you is your lender. Any extra loans or money moves that you make to help out with the down payment and closing costs is going to have to be vetted by them and approved by the underwriters. I would recommend a smaller downpayment if able to prevent needing a loan as that will completely change your DTI