Colorado Double Closing - Handling Reserves

[Erich Martinez]

I'm working on two real estate deals and was pre-approved for both (a Single Family Home (SFH) and duplex). I've gotten appraisals on one property and inspections passed underwriter final review on the SFH. On the duplex, I worked hard to get funding, even sold my camaro based on reserves requested by the lender. The lender stated I needed $72K in reserves for both loans (termed - mirrored loans). Now underwriting is denying my duplex home loan due to Fannie Mae requirements stating I need about $84K, the requirement was not added as a stipulation on the SFH even though both properties went through this "mirrored" loan process.

Has anyone run into this situation?  I've  been thinking constantly of ways to find funding.  The bank won't accept my 401K because of the cash-out options, nor accept gift/borrowed funds.  

The next option was to pull the loan, and see if I could go with a portfolio lender while still maintaining the contract.  The only issue is I'm not sure when to tell the Realtor the current loan situation on the duplex.  Really trying to plan this wisely.  It does blow my mind the loan won't get accepted over $12K-$13K.   I'd love to hear ideas on how to handle this or workarounds.

Thank you,

Erich

[Travis Sperr]

@Erich Martinez are both purchased investment purchases? or is one owner occupied? 

I am thinking you need to connected with a direct lender - with no overlays that clearly understands the process rather than someone whose guidelines change. Maybe the bump in cash on the duplex is because it is multifamily - usually requires a little more down payment for investment purchases. 

Happy to put you in touch with a lender that understands all of this and can tell it to you straight.

It has been my experience that fannie mae does count retirement funds as liquid. see below - direct from the selling guide (which is all of the guidelines for fannie)

https://www.fanniemae.com/content/guide/selling/b3...

Good Luck