Looking at this part of your budget can be overwhelming but can have a big impact on your overall financial health. Can you downgrade in these areas or use websites like airbnb. com to turn this liability into an asset. Look at your transportation costs. Be sure to choose a used car over a new one and think about public transportation or car pooling. Your goal should be no car payment and minimal housing expenses.
Another large expense is debt. Carrying debt is expensive, with interest rates, charges, fees, penalties and annual dues. Figure out how to pay off your credit cards and other 12 year personal loan.
You are a 12 year personal loan qualified borrower with a history of repaying your debt obligations on time and in full. You are a low-risk borrower. If you have a marginal credit score (perhaps with a few late payments or defaults in the past), a higher debt ratio, and a smaller down payment, you are more likely to encounter a cash-reserve requirement. The lender will view you as a higher risk, and will take measures to minimize their exposure such as requiring more money in the bank at closing.
Almost all jumbo loans (above conforming loan limits) have significant cash-reserve requirements. 12 year personal loan not sure if you fall into this category or not. You didnt say how big your loan will be. A MarketWatch article from earlier this year revealed that most lenders are requiring at least 12 months worth of cash reserves for jumbo loans.
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