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Updated over 3 years ago on . Most recent reply

Allen Joyner's profile image
Allen Joyner's profile image
Allen Joyner
  • from Buffalo, New York
  • Member since Aug 23, 2016
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Allen Joyner's profile image
Allen Joyner's profile image
Allen Joyner
  • from Buffalo, New York
  • Member since Aug 23, 2016
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Allen Joyner
  • Buffalo, NY
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Creative Real Estate Financing

The Lender wants 6 months Reserves

Allen Joyner
  • Buffalo, NY
Posted

I am looking to buy a 4 unit apartment. I have the 25% DP, the closing cost and my credit is excellent. The lender would like me to keep 6 months of reserver funds not just on the apartment but also my primary and another home I own. Is this normal? 

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Derek Dombeck's profile image
Derek Dombeck's profile image
Derek Dombeck
  • Real Estate Consultant
  • from Wittenberg, WI
  • Member since Dec 20, 2014
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Derek Dombeck's profile image
Derek Dombeck's profile image
Derek Dombeck
  • Real Estate Consultant
  • from Wittenberg, WI
  • Member since Dec 20, 2014
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Derek Dombeck
  • Real Estate Consultant
  • Wittenberg, WI
572
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572
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Derek Dombeck
  • Real Estate Consultant
  • Wittenberg, WI
Replied
Time to shop for another lender.....
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