Reserves First Time Home Buyers Required By Lenders

Reserves First Time Home Buyers Required By Lenders

First-time homebuyers normally do not have to worry about reserves when buying a home. The only thing first-time homebuyers have to worry about is the down payment and closing costs. The closing costs are generally covered with the seller’s concession by the home seller. However, sellers’ concessions are difficult to get during a bidding war and/or during a hot hosuing market.