To those who have been through the USDA process...

Linear23 · ‎04-17-2013

I'm going to be applying very soon. I wanted to know how much money did you have to have in reserves, if any. What was your final out of pocket costs?

Thanks

Anonymous · ‎04-17-2013

I close on May 3rd and i have about 4 grand in the bank BUT i also had teh builder pay closing cost and prepays. I am not paying anything at closing and i get all my deposit back which was only 1500 bucks. I was told you should have at least 2 grand in the bank for any charges that may occur at closing. HOPE THIS HELPS

krenee2525 · ‎04-17-2013

It all depends on the lender...my lender requires 3 months mortgage payments.. For me that's 3323. The other lender I had before this one said no reserves needed to be saved

Beginning Score: 620 TU; 634 EX; 613 EQ - all lender pulled 4/15/13
Current Score: 677 TU ; 661 EQ; 648 EX - all lender pulled 6/6/13
Goal Score: 700