No, it does not. The pre-qualification is a way for the loan officer to qualify you to purchase a house at a certain price. Each morning, based on market activity, United Bank will issue a rate sheet to all mortgage loan officers at all of our branches. It is a type of guarantee that helps protect lenders against the cost of foreclosure thereby enabling lenders to accept lower down payments than they normally would. The PMI premium is usually added to your monthly mortgage payment.
Prospective homeowners can obtain additional funds as a gift from a family member.
Another source would be to borrow against your 401K or retirement plan. In addition, the sale of personal property can be used as a source of funds, but it must be documented carefully. Equal Housing Lender. Best viewed by Microsoft Internet Explorer 4.0 with or better with a screen resolution of 800 x 600 or greater. Copyright 2000 United Bank Corporation.