Financing in Indianapolis>Question Details

Evettepc, Home Buyer in Indianapolis, IN

How much in reserves required for FHA 203k loan on owner-occupied duplex?

Asked by Evettepc, Indianapolis, IN Tue May 15, 2012

I'm in the process of buying my first home (a duplex - living on one side, renting the other) Upon closing, aside from the down payment and closing costs, how much is required in liquid reserves? My mortgage broker is saying 6 months, but I'm reading FHA requires no reserves, or up to 3 months only if it's a 3 or 4-plex. (Mine is a 2-unit). Any insight would be appreciated!

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Generally speaking no reserves are required. Please let me know if you need some help. We offer the 203k loan. David Mennen - Tippecanoe Mortgage. Call or text 765-714-8894.
0 votes Thank Flag Link Tue May 15, 2012
I would ask your Realtor who is working on helping you purchase the duplex. They should be your first go to. Best of luck.
0 votes Thank Flag Link Tue May 15, 2012
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