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Updated about 10 years ago on . Most recent reply

User Stats

39
Posts
4
Votes
Eric Robinson
  • Rental Property Investor
  • Oklahoma City, OK
4
Votes |
39
Posts

HELP! Trying to salvage a Multifamily FHA deal

Eric Robinson
  • Rental Property Investor
  • Oklahoma City, OK
Posted

After working several weeks on my first deal, Wells Fargo is telling me in the 11th hour that I don't have enough in reserve funds to get the loan. It's a house-hacking deal using an FHA loan to buy a 4plex. Since November, the mortgage specialist at WF has been telling me that I will have no problem getting the loan.

Now I'm being told I can't because a good portion of the funds I've scraped together are from student loans. According to them, student loan $ I have in savings can't be used toward the down payment, closing costs, or the 3 months worth of mortgage payment reserve required by the FHA.

I really don't want to give up on this deal.  Has anyone overcome this problem or a smiliar problem?  Is there anything creative I can do to get this deal done? 

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