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Our board is discussing the amount of assets an applicant should have after closing for the approval of a purchase application.
Most say applicants ahould have 2 years worth of mortage/maintenance and NOT include retirement assets.
Some say we should see 2 years worth and include retirement assets
A few say 1 year and include retirement assets.
Have your boards set similar guidelines?
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Our board has not set any particular asset requirements. However, in recently reviewing our purchase application, we did make a distinction between liquid assets and nonliquid assets. We included retirement accounts (as well as other things) in the nonliquid asset category.
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