Pre-Qualifications

[Bernard Evans Jr.]

Hello, I've been researching this in depth and I've come across many different banks and credit unions who want the person needing the loan to provide the following : 20% down payment (which is understood due to mortgage insurance not covering rental properties.) 6 months of savings (Current home mortgage, and rental property ) Now based off my calculations that would be between 15k-30k cash in your bank account. My question is has anyone closed with a bank with less money brought to the table "besides" the 20% down. Also, has anyone gained this substantial amount of money without the use of life insurance policies, trust funds, or any form of money given to them? I know that some have started from the ground up with $0 to their name and this better fits my situation. It's easy to gain a rental property when money is given to you. If so what do you suggest ok saving for this amount of money? Many Thanks for your input, It's greatly appreciated, Evans.