Savings account

[Anonymous]

Hi, does anybody know what your savings account should look like before you go into UW for a FHA loan? Any information would be appreciated, thank you.

[llecs]

YMMV based on your liabilities I suppose. I recently went through the mortgage process and the bank was looking at the asset column in relation to the liabilities column. We had a thousand or so in various savings accounts but never listed them because of the paperwork hassle and we used it to float our cash flow when needed and didn't want to raise any flags into other accounts that we seldom used or even wanted to provide info for. Instead we listed our major accounts only like investments and threw in our only declared savings acct for the down payment. We left our other asset accounts like checking and savings out of it.

[Anonymous]

There really is no hard and fast rule on this. The Automated underwriting systems utilize "layered risk factors" so assets can be more meaningful for some borrowers than others.

Really, you need to have documented at least the amount needed for your cash to close.