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valley_man0505 wrote:Even if there is no reserves requirement, isn't this still something they will look at when deciding whether or not to approve me? I know my loan officer said that the underwriters would like to see a couple months of reserves, but I don't know how much this weighs into their decision.
So Dallas I have a question....Dh and I grossed 79,000 last year and we only have one student loan payment of $279.00 and no other payments....the house we want to buy if we could get a loan today is only $129,000 is that low enough debt ratio to help overcome low reserves? We have been paying $1,100.00 a month rent for 4 years don't know if this would help our case at all.
@DallasLoanGuy wrote:
@valley_man0505 wrote:Even if there is no reserves requirement, isn't this still something they will look at when deciding whether or not to approve me? I know my loan officer said that the underwriters would like to see a couple months of reserves, but I don't know how much this weighs into their decision.exactly. reserves is one of the many things looked at.i have seen some pretty low scores still get into a mortgage with little reserves because they bought within their means. i.e. low debt ratios = another factor