I was wondering if my home loan will be denied if we do not have 2 months of PITI on reserve for 60 days?

4 Answers

  • 1 decade ago
    Favorite Answer

    Depends upon the type of loan. If you're doing full documentation, reserves are usually waivable even if they're part of guidelines. If you're doing Stated Income Stated Assets, you don't have to prove assets at all. Only Stated Income Verified Assets requires proven reserves, and retirement accounts can be used, sometimes for the whole thing.

    PS. You still need to prove you have the necessary funds to close any loan.

    Source(s): Loan Officer and Realtor in San Diego. Website http://www.danmelson.com
  • bianca
    Lv 4
    1 decade ago

    yes, your loan can be denied if you don't have 2 mth reserves. lender also look how long this money are in your bank account- usually 60 days. there is many ways to go around this condition, but you need to talk first to your loan officer and if he is not creative enough to help you with that- email to me and i can advise you.

  • Jimmy
    Lv 5
    1 decade ago

    This may be a condtion of the loan by your lender prior to funding.

    Good luck.

  • 1 decade ago

    If you have any kind of retirement account, 401K or anything like that they will count that as reserves.

    Email me if you have any more questions, I am a mortgage consultant for a national lender

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