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When should reserves be in the account

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studioguy
Established Member

When should reserves be in the account

I have a couple of questions:
1. I have an approx closing date of Oct 30th on a new construction build.  I have been auto pre approved and have already provided my W2's and DD214 (va loan), since my closing date isnt until Oct, when should I submit 2 paystubs and 2months banks statements? 60 days out, 45 days out??
Im asking because I want to stop my 401k contributions show it doesnt show on my paystubs, I will restart it after closing after I figure out how much I can afford to put back in.
 
2. I was informed that I have to have 2months reserves in my account... does this have to be there when I send my bank statements to the Loan Officer, or is it ok as long as I have saved that amount before closing (oct 30th)?
 
I know my lender can answer these questions but its 1:20am and cant sleep thinking of all these crazy mortgage concerns I have.  Man I cant wait till this is all over with..They say buying a house is fun but I beg to differ. lol
Message 1 of 4
3 REPLIES 3
DallasLoanGuy
Super Contributor

Re: When should reserves be in the account



studioguy wrote:
I have a couple of questions:
1. I have an approx closing date of Oct 30th on a new construction build.  I have been auto pre approved and have already provided my W2's and DD214 (va loan), since my closing date isnt until Oct, when should I submit 2 paystubs and 2months banks statements? 60 days out, 45 days out??
Im asking because I want to stop my 401k contributions show it doesnt show on my paystubs, I will restart it after closing after I figure out how much I can afford to put back in. that will NOT make your file one bit stronger. dont stop
 
2. I was informed that I have to have 2months reserves in my account... does this have to be there when I send my bank statements to the Loan Officer, or is it ok as long as I have saved that amount before closing (oct 30th)? will have to be on bank statements.
 
I know my lender can answer these questions but its 1:20am and cant sleep thinking of all these crazy mortgage concerns I have.  Man I cant wait till this is all over with..They say buying a house is fun but I beg to differ. lol


it can be pretty easy if you have good people to work with
Retired Lender
Message 2 of 4
MattH
Senior Contributor

Re: When should reserves be in the account



@DallasLoanGuy wrote:


@studioguy wrote:
I have a couple of questions:
1. I have an approx closing date of Oct 30th on a new construction build. I have been auto pre approved and have already provided my W2's and DD214 (va loan), since my closing date isnt until Oct, when should I submit 2 paystubs and 2months banks statements? 60 days out, 45 days out??
Im asking because I want to stop my 401k contributions show it doesnt show on my paystubs, I will restart it after closing after I figure out how much I can afford to put back in. that will NOT make your file one bit stronger. dont stop
2. I was informed that I have to have 2months reserves in my account... does this have to be there when I send my bank statements to the Loan Officer, or is it ok as long as I have saved that amount before closing (oct 30th)? will have to be on bank statements.
I know my lender can answer these questions but its 1:20am and cant sleep thinking of all these crazy mortgage concerns I have. Man I cant wait till this is all over with..They say buying a house is fun but I beg to differ. lol


it can be pretty easy if you have good people to work with





Much of our down payment came from a Policy Loan on my life insurance, so we had to get a letter from NY Life or the underwriter that said "there is no required repayment schedule on this loan, you may pay as much or as little as you like. If there still is a loan balance when the death benefit is paid the loan balance will be deducted from the payout."
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 3 of 4
studioguy
Established Member

Re: When should reserves be in the account

Thanks for the info, you are great contributor to this board! Thanks again....I have read over a hundred posts of yours and gained more and more knowledge with each read.
 
 
Message 4 of 4
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