Ideally, when you write your offer, your funds should be ready. Funds could be in the form of a gift, the sale of another property, or money you have already saved. We will document these with a gift letter, the contract for the property sale, and bank statements to show you have funds ready for closing.
Occasionally, you may still be saving for closing and will be counting a future paycheck or disbursement you are expecting. Definitely by the first Stage 8 of the loan process, your funds should be in line. And this Stage 8 is ideally 12-14 days before closing.
Lenders will also frequently check funds again prior to closing. Please don’t spend your down payment funds on other items and expect to “replenish” them with payroll prior to closing. This could cause us to have to re-verify funds too close to closing and could slow down the process affecting our ability to meet your contract closing dates.