(Closed) Mortgage Application, Cash Reserves

posted 8 years ago in Home
Post # 3
Member
138 posts
Blushing bee
  • Wedding: July 2009

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. 

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