Question about pre-approval for new construction

QuestionsQuestion about pre-approval for new construction
Emilie Hornsby asked 6 years ago

I am interested in doing an FHA loan for a new construction home. The builder allows buyers to put down only $ 2000 upfront if you get pre-approved through their preferred lender. My question is do we have to have ALL the monies we need for down payment and closing costs in the bank before the lender will do a pre-approval? We still need to save a bit but I know we will have everything by the time the building is completed and it’s time to close on the loan. Any folks out there with experience that can help me understand how it might work? I don’t want to be premature on applying for the preapproval but I’d love to start the process soon if possible.

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