Reserves
Updated 04/29/2024

Reserves are savings amounts that will remain after your house purchase is completed. They are considered emergency savings, which means that if you lose your job after purchasing a property, you will still be able to pay your mortgage. Assume your lender demands at least two months’ worth of mortgage reserves following closure. If you cannot provide documentation of these monies (known as PITI, which we will explore later in the article), you may be unable to proceed with your application. This is why it is critical to have liquid reserves at this time.

Mortgage Guides

Conventional, VA, FHA, etc. What does it mean?

Local Guides

Explore the best of Middle Tennessee

View Floor Plans and Get Prequalified For A Home Today

Brian/DestinyHomes

First Name(Required)
Last Name(Required)

View Floor Plans and Get Prequalified For A Home Today

Dalton/Ardent

First Name(Required)
Last Name(Required)

View Floor Plans and Get Prequalified For A Home Today

Emily/Parkside Form

First Name(Required)
Last Name(Required)

View Floor Plans and Get Prequalified For A Home Today

Samantha/SmithDouglas

First Name(Required)
Last Name(Required)

View Floor Plans and Get Prequalified For A Home Today

Brittney/SignatureHomes

First Name(Required)
Last Name(Required)