Asked by Abigail Bussard, Oak Park, IL • Fri Feb 24, 2012
My situation - I own a 1 bedroom condo, which has been now rented out for 6 months, and is documented as rental income on my 2011 tax transcript. I'm saving money living with my brother, I am looking at purchasing a primary residence, which is eligible for Homepath financing. Can anyone explain what kind of reserves I would need to close, in addition to the downpayment...etc. I've heard everywhere from none, to 2 months, to 6 months of reserves on both properties. I will be putting 5% down. Thanks!
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