Thanks in advance. You generally dont want to touch that reserve money until the loan funds to avoid any extra conditions or scrutiny.
Hi Colin im in the process of closing in a few days and my lender requested 2 months of reserves which is in my bank and the underwriters approved my loan how long do my money have to sit in personal loan scheme in sbi bank before i can use it.
You may want to look into construction financing andor construction-to-perm financing to determine how much cash youll actually need for down payment and reserves. You wont be nervous if you prepare and know exactly what youll need to get approved ahead of time.
My wife and I are looking to build a house on two acres we own. We have recently paid completely out of debt(vehicles and credit cards), and have 50k or so in a 401k personal loan scheme in sbi 10k in other dividend reinvesting stocks. We are starting to funnel cash into checking account now that debt is paid off. We are both under 30 years old and both have 800 credit scores, yet we are nervous about going to the bank to start the process of getting a mortgage to build a house.
1 down and no PMI. Asset requirements are steeper however with 12 months reserves and 6 months of these have to be liquid. I planned to take a 401k loan to help subsidize closing costs and meet the liquid asset requirements at closing and at the outset I asked the originator specifically if the 401k loan would be counted toward DTI and was told no.
Here I am over 1,200 deep in inspections and the loan processor u was handed off to informs me that the 401k loan is indeed going to count towards DTI and that puts me in the 37 range and the hard cutoff is 35. I think I feel the dream home slipping away. I understand this isnt a normal conforming loan, but this feels rather bait-and-switch… Id appreciate any background info on how this might happen and also any advice you may have.
Thank you. Probably best to ask your lender when you should move the money to ensure it runs smoothly. Hi, Im buying my first home and will be using a personal loan scheme in sbi IRA to cover my closing costs.
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