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Sep 28, 2017 - 34 minute read

Whats the differnce between cash advance and credit line

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Whats the differnce between cash advance and credit line

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Whats the differnce between cash advance and credit line

The required reserves can be reduced to 2 months PITI in reserves for each of the new primary residence whats the differnce between cash advance and credit line current Primary residence pending sale being converted if all of the following requirements are met: Value of property pending sale being converted is supported by a new appraisal with at least an exterior-only inspection and is no more than 60 days old.

LTVTLTV for pending sales being converted to a rental property is less than or equal to 70. CONVENTIONAL JUMBO: For jumbo loans, reserve requirements can vary tremendously, from as little as six months to several years, depending on how large the loan is. It could even be a percentage of the purchase price of the new property, for example 10 of the sales price.

A common cash reserve requirement for a jumbo loan is 12 months of your monthly mortgage payment, six of them being in liquid cash in accounts such as checking, savings, and money market accounts; and another six months in illiquid accounts such as retirement accounts.

If you are doing a jumbo loan you need to specifically ask your lender how much reserve requirements are being required of you in your scenario.

FHA LOAN: When you own other rental properties but are buying a primary residence using a new FHA loan, there are no reserves needed for the other existing investment properties.

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