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How much do I need to have in the bank to show for reserves? Looking for a 400K loan

by j.j.miller844 from Newport, Washington. Aug 16th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,294 contributions

When you apply for a loan, the lender will run your complete file through the automated underwriting system (AUS).. the results will determine how many months reserves will be required if any.. typically, if you have good credit scores and you're buying a primary residence, typically, reserves will not be required.. but if you are purchasing an investment property, reserves will most defiantly be required.. but again, it's the AUS finding which will determine how much. 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

Aug 16th 2016
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Christopher Stancato (Kyle Stancato)
#6 ranked lender in Washington - 59 contributions

I am local here in Washington. The other answers you have seen are generally correct, but reserves are not always needed. You can use 401k/stocks ect to show it. They do not have to be immediately liquid. I own the company so if you would like to stay local and have help 24/7 give me a shout. Take care,Kyle Stancatobayviewhomeloans.com2534606000

Aug 16th 2016
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 644 contributions

As the others have said reserves might not be needed. It all depends on the deal and there is not enough deal points the give a better answer....Good luck

Aug 17th 2016
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Dave Skow (daveskow)
#2 ranked lender in Washington - 146 contributions

8/17/2016JJ - the answer can vary from none to several months ...this will depend on several factors .....also - fyi - retirement funds can normally be used to satisfy the payment reserve requirement ...feel free to email or call me with any questions ..thanks Dave SKow- Eagle Home Mortgage 206 714 9745daveskow@eaglehm.com

Aug 17th 2016
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