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@Sbrooks1 wrote:
Have a PA with guaranteed rate and they haven't mentioned reserves. However was given a PA with quicken Ana they are requiring for FHA , so an overlay, 6 months reserves . MMS did take a hit after AMex reported , down to 673. No way I will have that, but I will say quicken is at least asking the questions where as Gr just says find a house. I need to ask GR if they require reserves
Ask your LO at GR. I have never seen them require reserves for an FHA mortgage for a primary residence. Sounds like a Quicken Loans overlay IMO.
@Sbrooks1 wrote:
While he did say no reserves he stressed wanting to know my 401 balance. So is this something I'd rather deal up front with quicken or cross my fingers with guaranteed
I would rather answer the question than have to worry about QL's overlays. Quicken is a lot like WF - gives you an approval easily up front and then isn't able to close the loan. That is stressful. Answering a balance question and supplying a couple of 401k statements - not stressful at all IMO. But you need to feel comfortable with whoever you work with for your loan.