Profile picture for dollizhot21

BANK STATEMENTS LOANS FOR MORTGAGE

MY FIANCE AND I ARE INTERESTED IN PURCHASING A HOME SOMETIME NEXT YEAR.    WE SHOP A LOT FROM GROCERIES TO OTHER STUFF LIKE MOVIES, SO SOMETIMES WE ONLY HAVE ABOUT $600 LEFT IN OUR ACCOUNT.  WE DON'T PAY RENT BC WE ARE LIVING IN OUR FAMILIES VACATION HOME.  WILL WE BE ABLE TO BUY A HOME IF IT DOESN'T SHOW A LOT OF REMAINING BALANCE ON OUR ACCOUNT OR ARE THEY JUST LOOKING FOR PROOF OF INCOME.
  • August 26 2014 - US
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Answers (2)

Profile picture for wetdawgs
Living rent free gives you a wonderful time to save like crazy so you can prepare yourselves for home purchase.  In order to qualify,   you will need to demonstrate that you have down payment, closing costs and it is very nice to have a reserve as home maintenance costs money. 

You may be able to get by with a down payment of 3.5% of the cost of a property, closing costs can run 3 to 6%.  I'd aim for savings of at least 10% of the cost of the property before starting the process.

 If your bank accounts are dropping to as low as $600, you are not ready to buy today.    At minimum save monthly the amount you are saving by not paying rent.  You'd get there faster (and demonstrate that you are ready by saving at least 1.5x what you'll be paying for mortgage, taxes & insurance.


  • August 26 2014
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They are not looking for the amount of income that you have going out of your bank account. They would be looking at what is coming into your account. You would not be able to count any abnormally large deposits towards your income. Also, you would have to be self employed to qualify for one of these products.
  • August 26 2014
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