Which States Are “wet Funding” States?
According to BankerBroker.com, 41 of the 50 States are wet funding states. Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, Oregon, and Washington are the only dry funding states, and all of the others are wet funding states.
The slang term “wet funding” refers to the variable period that passes between when a mortgage closes and the time that the buyer can take ownership of their new property, according to BankerBroker.com. As opposed to dry funding states, wet funding states require that the paperwork needed to officially close out a loan be completed and approved on the same day as the closure.