Multi Family Financing Clarification

[Soraya Welch]

Is it true that 6 months of mortgage payments is needed as an emergency fund before the closing of your loan on a multi-family property? If so, is there any way around this requirement? Is this requirement for every lender or just some? 

[Andrew Garcia]

Hi @Soraya Welch, yes pretty much every multifamily lender will require at least 6 months of reserves. If you put down more (30%+), you might be able to get an exception but it depends on the lender.