Post # 1
Does anyone know how much a bank usually requires you to have as cash reserves when applying for a mortgage?
Fiance and are have already been preapproved and we signed the P&S today so we are actually applying for our mortgage tomorrow. They asked us to bring bank statements. Does anyone know how many months or mortgage payments they require you to have in reserve?
Post # 3
I think it will largely depend on the type of mortgage you have and the lender. We are currently building a house and using the builder’s mortgage company; the type of loan we are getting is a special government backed mortgage type that encourages people to build in rural areas and it does not require a down payment. We have an ok amount of cash reserves, and I was really nervous that they wouldn’t approve our loan. Luckily, they take a look at what you currently have, what you bring home, how much you spend on your current home or apartment, and many other factors. We ended up not having a problem.