buying a 2nd property must show 6 month reserve?

[Mina G.]

I just got off the phone with a lender and he informed me that I will need 6 month of reserved mortgage payment for each of the properties to obtain a mortgage for a property I want to purchase. Is this true for all programs out there?

This will be my 2nd property.

[Mina G.]

can you give me the names of those banks as I have spoken to 3 local ones and they require 6 month for each property. (I only own 1 now).

Also any option for less than 20% down for a 2nd property? My first property is FHA financed with really low interest 3.3% so I want to avoid refinancing my first property.