Is this true when you apply for a loan?

In most cases -you need to be able to show enough asset balance to cover the cash needed for closing PLUS several months of mortgage payments ....eg...if payment is 1000 and cash for closing is 10K - showing 12K in bank account should be OK - thanks Dave Skow Movement Mortgage 206 714 9745 dave.skow@movement.com

Standard programs only require 2 months seasoning of funds for down payment and closing costs reserves if required. As for credit scores higher is better though min score will vary depending on conventional or if say an FHA loan. "Stable income" is subjective. What we look for is a 2 yr work history and that employment is "likely" to continue. There are also down payment assistance available based on qualification. Feel free to reach out to me at 562.254.5616.

Hi, as like so many things in life, some of what you've heard is wrong. For example, very few programs require you to document your down payment money more than two months. Next, yes, both good credit and stable income are important, but average credit, and the fact you just changed a job are not deal breakers. My best advise is to simply reach out to a local mortgage broker in your area, give them a full application, and they will let you know what you look like, and what you qualify for. I provide home loan in MN, WI, IA, ND, and SD. Find me at FirstTimeHomeBuyer-MN.com NMLS 274132 Cambria Mortgage