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Updated about 3 years ago on . Most recent reply

Edith Scott's profile image
Edith Scott's profile image
Edith Scott
  • Member since Nov 18, 2018
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Edith Scott's profile image
Edith Scott's profile image
Edith Scott
  • Member since Nov 18, 2018
Connect
Edith Scott
2
Votes |
10
Posts
Mortgage Brokers & Lenders

HELOC requiring cash in reserves

Edith Scott
Posted

I recently began a HELOC application process for 60k with a well-known credit union, and provided all of the necessary documentation. One of the requirements was to have over $30,000 in reserves. This put a sudden halt to the process, as I do not have that cash. Has this happened to anyone else, and is this standard? Thank you in advance.

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