There is no definitive answer to your questions because policy varies from bank to bank. The bank you put in your loan application with will ask you for the information that they need to get the deal done. You may want to shop around and talk to a couple of other banks to see if their policies are more flexible so as to meet your needs.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783