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Most Loan Programs Call For
Most loan programs call for the borrower to have two to 6 months of reserves after all closing and settlement costs of a refinance. This means if your total monthly payment (piti) was $2500, you would be required to have verifiable and often seasoned money in liquid assets of $5,000 to $15,000. Fortunately, some lenders actually allow the borrower to count the cash in hand or residual cash received outside of settlement to count for this requirement. Thus, if you were getting $20,000 cash out net after all other expenses and pay-offs, your reserve requirement would be met without verifying personal liquid assets.
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