Do you need “Reserves” to buy a home? For some clients, Yes; for others, No. It depends on the financial strength of your file. While it is always a great idea to have money left over after buying a home for decorating or an emergency, you may get a loan approval condition that requires reserves after closing costs and down payments.  This means that your loan can be approved if we can document that you have assets available to you “just in case” there is a financial hardship issue that makes it difficult to pay your mortgage.  Reserves can vary based on loan type, borrower, and property type.  The good news is that reserves can be many different types of assets!  Buying a home is a significant investment, so call me with any questions, and I’m happy to help!
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Do you need “Reserves” to buy a home? For some clients, Yes; for others, No. It depends on the financial strength of your file. While it is always a great idea to have money left over after buying a home for decorating or an emergency, you may get a loan approval condition that requires reserves after closing costs and down payments.  This means that your loan can be approved if we can document that you have assets available to you “just in case” there is a financial hardship issue that makes it difficult to pay your mortgage.  Reserves can vary based on loan type, borrower, and property type.  The good news is that reserves can be many different types of assets!  Buying a home is a significant investment, so call me with any questions, and I’m happy to help!

ByBrandon Butler

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2-4 Unit Property Financing Just Got Better!  Recent guideline changes now allow for a 95% LTV when buying a 2-4 unit property as an occupant of one of the units.  Previously, the maximum LTV was 75%, so this change means a lot less of an investment on the homeowner’s part!  If you are interested in purchasing a 2-4 unit property where you can live in one unit and rent out the others, let’s talk!
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2-4 Unit Property Financing Just Got Better!  Recent guideline changes now allow for a 95% LTV when buying a 2-4 unit property as an occupant of one of the units.  Previously, the maximum LTV was 75%, so this change means a lot less of an investment on the homeowner’s part!  If you are interested in purchasing a 2-4 unit property where you can live in one unit and rent out the others, let’s talk!

ByBrandon Butler

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Did you know that there are hundreds of down payment assistance programs available? These programs are generally meant to assist first-time buyers, but there are also programs for others.  Our new resource allows us to search for all of the available programs in your area to find the program that may help you buy a home.  Despite what the media tells you, 20% down is not required to buy a home.  So, let’s talk and create your Road to Home Ownership Plan! Comment below, and I’ll send you some facts about down payment assistance.
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Did you know that there are hundreds of down payment assistance programs available? These programs are generally meant to assist first-time buyers, but there are also programs for others.  Our new resource allows us to search for all of the available programs in your area to find the program that may help you buy a home.  Despite what the media tells you, 20% down is not required to buy a home.  So, let’s talk and create your Road to Home Ownership Plan! Comment below, and I’ll send you some facts about down payment assistance.

ByBrandon Butler

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.