Homepath Deal Update

[Marion Edwards]

My Homepath investment deal is progressing but I learned something today about Homepath financing that wasn't in the literature. Apparently Fannie Mae has a policy on cash reserves, particularly for us investors, that requires we verify 3-6 months PITI on the investment property and 3-6 months PITI on your primary residence. Don't get me wrong, I think having cash reserves is just plain common sense, but this may come as quite a surprise for someone who hasn't planned on this. The financial institution that I'm dealing with didn't bring this up during the pre-approval phase and it only came out when it went to underwriting. Just wnated to bring this out, just in case I'm not the only Homepath neophyte out there.