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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Buying a Home as a Displaced Homemaker! – An individual that is a displaced homemaker or single parent will be considered a First Time Homebuyer if he or she had no ownership interest in a principal residence, other than a joint ownership interest with a spouse, during the preceding three-year time period. This is great news for some of you that want to take advantage of first-time homebuyer programs. Let’s talk and build your road map to homeownership!
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Buying a Home as a Displaced Homemaker! – An individual that is a displaced homemaker or single parent will be considered a First Time Homebuyer if he or she had no ownership interest in a principal residence, other than a joint ownership interest with a spouse, during the preceding three-year time period. This is great news for some of you that want to take advantage of first-time homebuyer programs. Let’s talk and build your road map to homeownership!

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.