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FHA Question About Reserves

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Anonymous
Not applicable

FHA Question About Reserves

My DW is in the process of getting a new construction FHA loan in the amount of 145K. We have been preapproved after submitting bank statements, W2's etc.  One of the saving accounts is in my name only (hubby) and the 401K.  The savings account that is in my name only has 20k about 80% of our liquid cash.  I noticed this after looking over her loan app.  Should I be in a hurry to add her name to the account? If so will they hit her up with an inquiry? I believe our reserve amount could be a factor due to the length of time on her new job 4 months and 664 mid score. 

Any help advice would be appreciated...

 

Message 1 of 4
3 REPLIES 3
203bravo
Established Contributor

Re: FHA Question About Reserves

if those are not "her" funds then they will not be considered.  So if she will need those funds to qualify then you need to add her.

Message 2 of 4
Anonymous
Not applicable

Re: FHA Question About Reserves

I would get it done ASAP. I had the same problem, the funds were in an account with my wife's name. The first time I spoke with my LO I explain this to her and she said my name would need to be on the account which I did right away.

 

The bank will check her credit report, before adding her to the account. I had to renew my approval letter due to the time it took to find a home, when the LO, ran my credit she saw the inquire, she asked if I obtain new credit I said no and explain what it was for. It was not a problem in my case.

Message 3 of 4
Anonymous
Not applicable

Re: FHA Question About Reserves

Thanks everyone! On it now

Message 4 of 4
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