esblackie, Renter in Davis, OK

How much do I have to have in reserves in order to look around forest hills and kew gardens and also the down payment?

Asked by esblackie, Davis, OK Sun Feb 23, 2014

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If purchasing with a mortgage, the downpayment will depend on the type of loan you qualify for, therefore for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. As to the reserves it depends and if interested in co-ops, boards have their financial requirements that must be met, and each is different.
1 vote Thank Flag Link Sun Feb 23, 2014
You dont need reserves to look around but if you are looking for a coop, they require 20% down.
At closing the rule of thumb is to have 6 months to 1 years worth of mortgage and maintenance in your checking account. This should be what you have left after closing fees. I hope this helps you even if I am answering your question a bit late.
0 votes Thank Flag Link Thu May 15, 2014
The amount you will need depends on what type of home and loan you are looking for. If you are looking to purchase a co-op, expect to have to come up with 20% of the purchase price. You will still need some extra cash on top to cover closing costs. A conventional non-jumbo loan may require less of a down-payment. Please consider consulting with a mortgage professional for a detailed evaluation and consultation.
0 votes Thank Flag Link Tue Feb 25, 2014
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