Real estate blog entries tagged with no credit by Eleanor Thorne 919-649-5057 Cary Mortgage Loans (Steve Thorne NC Mortgage Experts)

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Home : Blogs : Eleanor Thorne 919-649-5057 Cary Mortgage Loans : Eleanor's RTP Blog : Tag "no credit"

no credit: When FHA Requires Cash Reserves - 08/25/08 03:41 PM

We all know that FHA is going to require 3.5% downpayment in a few weeks (January 1) - but did you know that in some circumstances they also require the borrower to have two months of cash reserves?
If a borrower is applying for FHA financing and is relying on a NTMCR, (nontraditional credit), FHA Commissioner Brian D. Montgomery writes:
"Borrowers should have two months of cash reserves following mortgage loan settlement from their own funds (no cash gifts from any source should be counted in the cash reserves for borrowers in this catagory)."
As a general rule, if you're applying for … (2 comments)

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