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Updated about 4 years ago,

User Stats

78
Posts
15
Votes
Rocco Swinney
15
Votes |
78
Posts

do i need reserves on rentals when i buy a primary?

Rocco Swinney
Posted

I know when i buy a rental i have always been required to have 6 months reserves on each rental and 2 months on my primary. Last time i moved and bought my primary... the lender only needed 2 months on the new primary and no reserves on rentals. Is that still the standard? As I will likely be moving and dont think id have enough if 6 months were required on each rental when i buy a primary. As my 401k never has been counted as reserves since i cant withdraw it right away (unless i prove hardship)

Appreciate any thoughts