One of the most common questions we are asked is, "How much money do I need in the bank to buy a house?"
If you don't own any other properties other than the house you're going to buy, then all you need is enough money to pay for the down payment and the closing costs. If the seller is going to be paying the closing costs for you, or the lender is going to be paying them for you, then all you need is enough money to cover the down payment.
With FHA loans, the money you need to buy a house can be a gift from a relative, so you don't really need any of your own money.
If you own more than one property, then you will need to have reserves in the bank, an investment account, or a retirement account. The amount of reserves depends on the type of properties you own and the type of loan you are getting for the new purchase.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!
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By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.