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Updated almost 8 years ago on . Most recent reply
#5 Classifieds Contributor
- Lender
- Rochester, NY
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Cash Reserve Requirements Have Changed!!
#5 Classifieds Contributor
- Lender
- Rochester, NY
Cash reserve requirements just changed for conventional financing!
6 months PITI is required on subject property, always!
If you have 1-4 financed properties than it is now 2% of all unpaid principle balances.
If you have 5-6 financed properties than it is now 4% of all unpaid principle balances.
If you have 7-10 financed properties than it is now 6% of all unpaid principle balances.
Money must be in account for 60 days or sourced.
- Jerry Padilla
- [email protected]
- 585-204-6923
Most Popular Reply
#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
- 63,059
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#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
@Jerry Padilla so if you have 7 rentals with 100k on each one so 700k in debt.
you only need 42k in the bank . is that what your saying... ??
if so I would think that is a must for anyone with that kind of debt and rentals.. I see that as way too little frankly... LOL
- Jay Hinrichs
- Podcast Guest on Show #222
