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Minimum amount for Mortgage

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Frequent Contributor

Minimum amount for Mortgage

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?

As of 6/30/2017 - EQ:598 TU:589 EX:645 GOAL:750 All around the board
In the Garden since 12/16/2016~ Gardening until 7/1/2018

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3 REPLIES 3
Valued Contributor

Re: Minimum amount for Mortgage

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.

Mortgage Loan Officer licensed in CA & AZ


Message 2 of 4
Established Contributor

Re: Minimum amount for Mortgage

dpeezy- Funds do not have to be seasoned if they are able to be sourced, correct? Ex. fund for down payment coming from paycheck 

Starting Score: 6/17/15 EQ: 589 EX: 593 TU: 579
Current Score: 5/22/16 EQ: 703 EX: 697 TU: 713
Goal: 700s by June 2016
Message 3 of 4
Valued Contributor

Re: Minimum amount for Mortgage


@dpeezy 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 Smiley Happy.

Mortgage Loan Officer licensed in CA & AZ


Message 4 of 4
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