And is that $1223 monthly payment counting HOA, insurance, any utilities, capex and maintenance reserves?

Also increase your reserves.

I just want to get into the home, especially a multi-family home.By using an FHA loan, I can save reserves to invest in another home in the same year.

I am buying a multiunit rental and the rate I am getting is “ the rate will be calculated 5 business days prior to closing and will be fixed for 5 years at a rate of 275 basis points over corresponding federal reserve statistical release H.15 five year treasury constants maturity with a floor of 4.5%.

Use other reserves for real estate investing.

Usually the exam will have both a Federal and State section. 

That's your workaround.I would find it hard to believe that a bank would refuse to provide a payoff demand as its a federal requirement to provide said demand within 7 days of the request.

We do have reserves and are ready to weather down months, but were obviously hoping to hit the ground running

Don't wait until the recession arrives to sell underperforming assets Increase cash reserves– whilst this can decrease returns it is all about being able to weather the storm, cash is king!

and some cash reserves but looking for any guidance.