Reserves and Assets
When applying for a mortgage, whether you fall into the conforming or sub-prime lending criteria, many lenders require that you at least state, and may even ask you to verify reserves and assets held
http://www.brokeroutpost.com/reference/63627.htm (Updated: 10/19/2007)

Who Can Benefit From an Payment Option ARM
Self-employed borrowers with inconsistent income Borrowers with inadequate or no retirement savings Borrowers who want cash reserves for emergencies Borrowers who need money to start or expand a bu
http://www.brokeroutpost.com/reference/14959.htm (Updated: 10/09/2007)

Downpayment - How Much is Needed?
When buying a home you may be required to make a down payment depending on numerous factors, such as your credit score, your debt to income ratio, your employment information, the amount of money you
http://www.brokeroutpost.com/reference/151980.htm (Updated: 08/31/2007)
Related Reference Topics: [downpayment, no money down, ltv, purchase]

Who is N.I.N.A.
N.I.N.A. stands for No Income, No Assets, and is a great program for people who may not have cash reserves in the bank, and may have trouble fully documenting their income.
http://www.brokeroutpost.com/reference/52086.htm (Updated: 06/27/2007)
Related Reference Topics: [no income loans]

Reserves Explained
In the mortgage business, the word "reserves" has more than one meaning. It can refer to the monies (assets) required by the lending bank - to be on hand in the borrowers deposit accounts at the time
http://www.brokeroutpost.com/reference/21147.htm (Updated: 05/29/2007)
Related Reference Topics: [reserves, property taxes, hazard insurance]

Down Payment from 401K or 403B Retirement Annuity
If you are purchasing a home and have a substantial portion of your assets inside of a retirement account such as a 401K, 403B or other retirement product or annuity, you may choose the increasingly p
http://www.brokeroutpost.com/reference/82041.htm (Updated: 05/27/2007)
Related Reference Topics: [down payment, 401(k), 403(b), retirement savings]

Reserves
A cash amount that a homebuyer must have on hand after making a down payment and paying all closing costs. The reserves required by the lender must equal the amount a homebuyer would pay for principal
http://www.brokeroutpost.com/reference/11458.htm (Updated: 05/15/2007)

What is PITI
Your mortgage payment is made up of four components these include the following Principal, Interest, Taxes and Insurance. Some lenders require 2-3 months PITI reserves in order for your loan to be qua
http://www.brokeroutpost.com/reference/22756.htm (Updated: 04/12/2007)
Related Reference Topics: [piti, reserves, taxes, insurance]

Mortgage Myths
There are a lot of myths and superstitions surrounding the world of property finance. 1) "My neighbor got 6.25% a month ago when he refinanced. I should be able to get it as well." Wrong, wrong,
http://www.brokeroutpost.com/reference/71411.htm (Updated: 11/28/2006)
Related Reference Topics: [myths, superstitions, half truths]

When to talk to a Mortgage Professional?
When you pre-qualify, your mortgage professional helps you determine how much of a monthly mortgage payment you can afford, and how much can be loaned to you. They do this by considering your income a
http://www.brokeroutpost.com/reference/42786.htm (Updated: 09/04/2006)