Tell Us how much $$$ you had in the bank when you applied for USDA-Guarenteed??

[cocomadd]

Hi all,

I have to apply for USDA-Guarenteed in about 2 weeks(deadline to apply).  I am low in funds but have great DTI, please let me know whwere you were at savings/checking wise when you applied and was approved...or stories of such.

Thank you!!!!!!!

[Lemontwist4]

Well USDA doesn't require money down or reserves, we only had $2800 and asked the seller to pay all closing. If the home appraises at more then you pay for it you can get a loan up to the appraisal amount and use some of the extra money for closing, 1st year taxes, homeowners insurance etc... We will be hearing if USDA approved us or not this week and if approved we will close next week. I asked my LO what our cost would be at closing and she has it estimated at $117.00+ a remax fee of $295 but says she won't know the exact amount until 48 hours after the approval because they need to get the HUD figures in. FYI we borrowed the $2800 form my husbands 401k with the approval of the bank. Hope this helps Good Luck

[natesezgoblue]

Im in the process if a USDA ruaral. we had $3000 almost all went to earnest money.

[Boldilocks]

You have to have enough to cover whatever closing costs you are responsible for, plus taxes and insurance required in escrow. 

Lemon who advised you above knows of our USDA saga - it was nearly derailed because the full year's taxes came due Sept 1st and we had $3500 in our account and needed to show $6500.

My mum and dad in Ireland just wired us $4500, it should be in our account tomorrow, and our account will show $8000.  That was money dad was saving for his funeral expenses, but he said he's not planning on using it just yet...   We'll be paying it back, but it is classed as a gift for USDA purposes.

ETA: The property taxes that need to be paid up front are over $4000 for us - New York has really high taxes.  I'm sure it won't be anywhere near that for most.

[jzsnow]

W are in the same boat as lemon. Should be getting usda approval Wednesday and closing next week.

I had $6500 in the bank, but I only had to have the $1000 earnest money, $550 appraisal, $350 inspection (not required...but advised!), and a $1700 for a bond because we are buying a forclosure that has a right if redemption. My seller paid 3% of closing costs. I'm bringing about $2k to the table, but the $1700 bond is not normal!

[honeybear1]

We had about 1000 when we sent the bank statements in... $500 had already gone to earnest money. $350 came out after that for the inspection. We shouldn't (fingers crossed) have to bring anything to closing and we will get back our earnest money since the sellers are paying $3500 in closing costs.

[Boldilocks]

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@honeybear1 wrote:

We had about 1000 when we sent the bank statements in... $500 had already gone to earnest money. $350 came out after that for the inspection. We shouldn't (fingers crossed) have to bring anything to closing and we will get back our earnest money since the sellers are paying $3500 in closing costs.

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Yeah, our $500 earnest money has already left our account, as well as the $400 for home inspection and radon tests, and $375 for appraisal.  I was assuming the OP meant what do you need after these have been paid?  I was kind of wondering myself - because aren;t these things supposed to be closing costs (minus the home inspection)?  Do they get debited from what you need to bring to the table at closing?

[newhouse2013]

I had a little over 2K and have only spent the money for the inspection so far. The appraisal was covered upfront by the bank (put into closing costs) and the seller paid 4% of the closing costs and the rest will be rolled into my loan (I took a higher interest rate that equated to an extra $12 per month). My file is expected to go to USDA this week but I am not closing until the 27th. As far as I know that is the only money out of pocket from me. If there are additional fees due at closing I am sure they will be minimal. 

[cocomadd]

Thank you all for your response.  I have another question. 

Statements are usually not the latest and greatest information. 

I will actually show less $$ in the statement than what I will have when I actually apply.  So right now I have abourt$500, but in 2 weeks I will have $2,500 plus. 

How will they know what I currently have?  I also have 2,600 in IRA that they will see in application.

Thanks!

[Boldilocks]

You call your bank and ask them for a statement for the month so far, up to *today*.  They email it to you in 5 minutes and you're golden.  We had to do this in August.  Of course, now Auguist is over, they'll want a partial statement for Sept and a full one for August, probably.