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Updated over 5 years ago on . Most recent reply

User Stats

7
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2
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Dana Moore II
Pro Member
2
Votes |
7
Posts

What personal asset mix should I have to be attractive to banks?

Dana Moore II
Pro Member
Posted

Good afternoon, I am a newbie looking to jump into the market in about 6-7 months. I have received a preapproval from my credit union with an estimated monthly payment which is higher than I'm comfortable with. I'm currently saving for my 3 1/2% down pmt for the FHA loan and closing costs. As I save I understand that banks want to see available assets to reduce the risk in making the loan.

What is a good asset mix that I should have as I save for my first duplex purchase?

I currently have some stocks, small CD, and ok lendable credit score. I want my first purchase to go as smooth as possible and look good to the banks as I apply for a loan. Any advice is appreciated.

Thank you

  • Dana Moore II
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