Underwriting, Rural home loan monies and how much to do I have to have in the bank after closing

Asked by Catanddog389, Mays Landing, NJ Sat Oct 27, 2012

I had all kinds of problems with getting the underwriting process. Processor left and file still had issues (I was not aware & I have given my final date on my rental and have to be out in approximately 5 days) Underwriters completed and I finally passed the underwriting phase. The funds are coming from the rural home program in NJ. The completed app will go to Rural Loan home program on Monday. I am assuming that the underwriting process was the hardest part. I want to know if this can be denied and also I do not have a few months of reserve in my bank account

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Laura Gianno…, Agent, Manahawkin, NJ
Sat Oct 27, 2012
Perhaps you should ask this question again and tag it mortgages...You've posted it in a home buyers section that might not get to the mortgage experts you need.
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Oct 27, 2012
Some Lenders require you to have at least 3 months Income in a Bank Account;
Some don't.
Common Sense should tell people that this is a good idea; another reason why a lot of people got into trouble and lost their homes.
They think that they will build up their Savings after they get settled; it doesn't happen!
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