[...] FHA Loan Rates» FHA Loan Requirement, Have Money Sitting in Account?SHARETHIS.addEntry({ title: "FHA Loan Rates» FHA Loan Requirement, Have Money Sitting in Account?", [...]

When you run a DU underwriting finding the underwriter/loan officer will just throw in 2 to 3 months taxes and reserves.

So in this case say 4000. It shows after you paid everything you have 1 payment in the bank. The underwriter/loan officer puts it in that way, then its required per the underwriting findings.

Now the underwriter/loan officer can place in zero. If its approved at zero in the account then you dont have to prove anything. The only reason you have to prove 4000 is because you either place it on the application of they just made up that number in their head. Even if you place it on the application call them back and tell them to run DU or LP with you having zero in the bank.

Most likely it will be approved and that condition will be waived.

Ive had approvals and denials over 20 bucks that you place in that space. Tell them to switch the 4000 to 0. See what DU or LP comes up with. Increase it by 50 bucks until its approved. You might only need to show zero or 100 bucks. Better yet just print what I wrote and give it to your loan officer and say try this.

Email me if you have questions. This is like a 20 second fix. Oh as per the first time home buyer issue. You might still be a first time home buyer even if you were placed on title.

You need to check with another loan officer, im not having alot of faith in the one you currently have. These problems have many solutions. Then again with a excellent loan officer there wouldnt be these problems. No offense to Bank of America, but their loan officers (like other banks) get trained and they leave to be a broker.

You are not getting the cream of the crop doing your loan. Call him/her and say where in the 4155.1 does it say I need reserves. Their answer will be what the hell is the 4155.1?

You will say the FHA underwriting manual. I call a broker now.

Just saying