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Do I need 6 months worth of mortgage payments in my savings to qualify for a fha loan?

  • February 27 2012 - Corona
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Answers (9)

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Great Thank you everyone, this really helps with planning
  • February 27 2012
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Is it required?..no.

However buying without 6 to 12 months reserves is still a poor financial decision.
  • February 27 2012
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The simple answer is no. If you are buying a home for yourself (not mulit-family) in most cases FHA loans don't require any reserves at all.
  • February 27 2012
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There are a couple ways to structure the loan to pay the closing costs other than your savings. The seller can pay or you can raise the interest rate 1/4 point which should yield a large enough premium to pay the closing costs.   
  • February 27 2012
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we are looking in the 200,000 to 250,000 price range with 10,000 down on an FHA
  • February 27 2012
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What home price range are you looking at?
  • February 27 2012
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Thanks,
General question, we are planning and had been told by family. we have a small down and loan fees which would leave a small amount in savings some where around 5000   
  • February 27 2012
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Not necessarily, but it's not a bad idea.  It's best to complete a full application for a thorough answer.
  • February 27 2012
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Maybe, did your lender tell you that of just asking a general question?
  • February 27 2012
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