I'm going to buy a house in Colorado this summer. I would like to know if it behooves me to get a Savings?

Question

and loan account there . I have the ability to use my G.I. loan when I being looking around for a lender..Advise please.

Answer 1

Yes you need a savings because most lenders want to see that any money you have towards purchasing the home i.e. down payment, closing cost etc have been in your account from 30 -90 days.

Some even want you to have reserve for 2 months of your mortgage payment. i.e. if your mortgage payment $900 then they might request proof that you have at least $1800 stashed away in some account (Saving, IRA, etc) for 30-90 days for a rainy day.