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How important are total assets in pre-approval process?

by loren.d659 from Carbondale, Colorado. Nov 13th 2015 Reply


KIYOSHI INUI (Kiyoshi)
#505 ranked lender in California - 105 contributions

In some cases they aren't even required. It really depends on what type of loan your using (FHA, VA, Conventional, Non-Conforming, Etc) and what the purpose is (purchase, rate & term refinance or cash out). Are you talking in terms of a purchase or refinance? Feel free to contact me directly with any questions you may have. (619)822-2407

Nov 13th 2015
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Kay Cleland (kay@kcmortgagecolorado.com)
#32 ranked lender in Colorado - 210 contributions

Great day to you! It depends on the type of product that you are wanting. Purchase - FHA = 3.5% down payment, VA = 0 down payment, Conventional = 3% down payment Plus it depends if you are paying closing costs or not? Lots of options. I am happy to assist you with any questions you may have. I am a LOCAL Mortgage Professional here in Colorado. Kay 720-670-0124 kay@kcmortgagecolorado.com

Nov 13th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

Typically, they are used as strong compensating factors.. If you have certain credit items that are marginal or makes an underwriter exercise caution, then having strong compensating factors like large assets can give them some comfort in granting an approval. Also, if your doing a loan on an investment property then assets/reserves are required.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 13th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Liquid assets (that can be accessed if you wish) are always a factor that can and does strengthen your application.

Nov 14th 2015
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