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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Buying a home
Posted by: hopeful home owner ()
Date: March 22, 2009 10:41AM

When going through the underwriting process how much should I have in the bank for reserves? The minimum amount?

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Re: Buying a home
Date: March 22, 2009 10:50AM

hopeful home owner Wrote:
-------------------------------------------------------
> When going through the underwriting process how
> much should I have in the bank for reserves? The
> minimum amount?


If you are a first time homebuyer, I think you can still get by with 3% if you are buying in an area like Fairfax County. If not, you will need between 5 and 20%, depending on which zip code you are buying in (banks are looking at depreciation rates by zip code when determining what they will require you to put down).

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Re: Buying a home
Posted by: First Time ()
Date: March 22, 2009 11:12AM

I bought my first place about a year ago, with 3% down. I don't remember how much I had in the bank, but I don't think it was more than 10k. If you think it will take you a long time (as in, after things start to rebound) to stash 15% or 20%, doing it now might not be a bad idea.

But let me tell you, only putting 3% down has its drawbacks. I'm paying about $91 a month for my PMI. Also, by putting so little down, I'd be lucky to not be a little upside down right now, which sucks if you're trying to refinance.

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