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Replies (3)
- Andrew Adams, "203K Specialist"
- Contributions:9349
because you need to bring money to closing.
- Paul Mondello, "Paul Mondello"
- Contributions:2097
In the event you misplace your job etc., the lender would like to know you have some funds socked away to cover the payment for at least a couple/few months.
- Jason Anger, "FHA JAY"
- Contributions:57
It could be for many reasons (but they should have explained why). Most likely reasons are that you need to bring monies to close so they need to verify that you have the money available like Andrew said. Paul is correct as well that it may be needed to satisy what we call a "reserve" requirement equal to two months of your total payment. Last reason is because the loan was "approved" or ran through the computer that way and they need to "prove it" since it's on your loan application. If "reserves" are not required and you do not need to bring money to close, ask the originator to run the loan back through the computer and lower the amount you have in assets on the application. Hopefully the loan will still be approved but you will not have to come up with $2200. Good luck.
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