Posted on: 01st Aug, 2013 12:34 am
How much savings should you have in your bank account in order to get a FHA loan?
There is no particular amount mentioned by the FHA that you should have in your account as savings. You should have around 3.5% down payment as savings. Apart from that, you should have 6-8 months of mortgage payments saved in your account.
Hi Guest,
Yes, it is true that there is no fixed amount mentioned by the FHA which should act as your savings. You should make sure that you have sufficient savings in your account which will help you pay off the loan for at least few months even if you face some kind of financial crisis.
Thanks
Yes, it is true that there is no fixed amount mentioned by the FHA which should act as your savings. You should make sure that you have sufficient savings in your account which will help you pay off the loan for at least few months even if you face some kind of financial crisis.
Thanks