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Updated over 9 years ago on . Most recent reply

Robert Farris's profile image
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Robert Farris
  • Respiratory Therapist/Real Estate Investor
  • from Monroe, Michigan
  • Member since Sep 6, 2015
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Robert Farris's profile image
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Robert Farris
  • Respiratory Therapist/Real Estate Investor
  • from Monroe, Michigan
  • Member since Sep 6, 2015
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Robert Farris
  • Respiratory Therapist/Real Estate Investor
  • Monroe, MI
7
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74
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Private Lending & Conventional Mortgage Advice

6 month reserves needed for refinance?

Robert Farris
  • Respiratory Therapist/Real Estate Investor
  • Monroe, MI
Posted

A couple credit unions I checked out require 6 months reserve payments on a investment mortgage.

Will they require the same on a refinance?

I hope that's not a silly questions!!

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Upen Patel's profile image
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Upen Patel
  • Lender
  • from Nationwide Lender
  • Member since Jun 17, 2015
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Upen Patel
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  • from Nationwide Lender
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Upen Patel
  • Lender
  • Nationwide Lender
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Upen Patel
  • Lender
  • Nationwide Lender
Replied
@Robert Farris Yes, the reserve requirements will be same for purchase/refi. Basically the lender is trying to make sure that you have enough cash to be able to deal with loss of rent and/or hiccups.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

  • Upen Patel
  • [email protected]
  • (571) 331-5161
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