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when bying a home do i need to show that i have enough funds to cover payments for 6 months?
Thu May 15 2008, 07:32 - All locations - Home Buying - 1 answer
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Saranda,
It depends on the loan program you are appling for, I have heard of programs that require 6 month reserves or PITI but it has been a long time, and not for first time homebuyers. Usually if a lender requires reserves at all, it is 2 months reserves for most conventional loans. You sound like a first time homebuyer. In that case an FHA loan would be good. Additionally I would look into state programs to see if you can get anymore discounts, grants ect. Make sure you look and shop different loan programs before you select one. I hope this helps, and let me know if you need any assistance. Brent Bester Mortgage Professional (614)622-8916 bbester@usavingsbank.com Thu May 15 2008, 10:10 Web Reference: http://www.yourusb.com/bbester/
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