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Hello. Does anyone know what the mimimum amount is that a bank wants you to have in your bank acct when applying for a mortgage and how long does that amount need to have been in your account consistently?
Typically, enough to cover the down payment and all closing costs associated with the loan (unless your loan officer tells you extra "reserves" are needed for your loan). It is also a good idea to have a cushion for inspections and a little left over as you will likely have a few expenses when you move in. You will want all the funds seasoned in your bank account for a full two months.
dpeezy- Funds do not have to be seasoned if they are able to be sourced, correct? Ex. fund for down payment coming from paycheck
@Anonymous wrote:Typically, enough to cover the down payment and all closing costs associated with the loan (unless your loan officer tells you extra "reserves" are needed for your loan). It is also a good idea to have a cushion for inspections and a little left over as you will likely have a few expenses when you move in. You will want all the funds seasoned in your bank account for a full two months.
That is correct .