Davidson Realty, Inc.

Cornerstone’s Brenda Williamson discusses 3 common lending questions

November 27, 2019

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Posted by in Ask Sherry, News

As loan officers, we hear all kinds of questions and “what ifs” pertaining to the lending process. Here are a few of those questions to which you may find surprising answers.

 

I’m buying my first home and my parents offered to pay my earnest money deposit. Is that okay?

 

While your parents are very generous, your earnest money check absolutely must come from your own checking or savings account, and it must be written on your own personal check. If you are unable to pay the earnest money needed at the time of contract (or someone offers to pay for you), it is crucial that you reach out to your loan officer immediately to discuss the best way to handle this.

 

Also, talk to your loan officer before accepting gift funds from a family member to help you buy a home. The donor will need to meet documentation requirements for the gift funds to be used.

 

We’re in the midst of buying a house and I’m thinking about asking for a raise at work. Is that okay?

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