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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