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Understanding Asset Reserves
In order to qualify for many of today's mortgage products a buyer would need to have enough funds to cover down payment, closing costs ( this includes lender fees, attorney fees etc) and in many caese, asset reserves. What exacgtly are asset reserves and how much in reserves are you required to have?More About Rob Spinosa gives a great explanation of asset reserves and how, even if not required, having several months of reserves goes a long way to strengthening your financial package and getting that loan approved.
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