Good Afternoon All!
This is So you wanna buy a house part 2. and today we're talking about Assets.
1) You are required to submit at least 30-60 Days of asset statements....meaning your bank account statement and your 401(k) and investment accounts.
2) You need to have at least two months reserves of your PITIA payments meaning (principal, interest, taxes, insurance, association fees).
3) You are required to explain any ins unusual large deposits that are 25% higher than your normal monthly income in a letter of explanation.
4) You have to have a established a normal, consistent banking relationship that shows your behavior with money...(meaning, if you constantly overdraw your account, it will show in the bank statements and no bank is going to lend money$400k+ to buy a home to someone who can't manage the $5k Gross income they make a month).
5) You will be required to put some skin in the game (i.e. put money down). For FHA loans, the required amount is 3.5% of the purchase price, for Conventional loans it's 3%-20% of the purchase price). So, if you want to buy conventional or FHA, I suggest you get to saving those assets.
Where are you in your home journey buying process? Post a comment to let us know how you are getting there & let us know if our team can assist you in this process by representing you as a Realtor.
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