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For second homes, reserves can range between three to four months, but again, can be higher. On non-owner occupied properties, otherwise known as investment properties, reserves are usually six months PITI or more.
Even if you apply for a no down payment mortgage, reserves may secured loan cash collateral be required to show the lender youre able to make monthly payments. Reserves Needed for Specific Types of Loans.
The amount of reserves necessary will vary by loan type And by property type (such as number of units) Typically need at least 2 months of reserves But could be as high as 12 months or even more. For Fannie Mae and Freddie Mac loans (conforming), reserve requirements vary based on credit score and LTV, along with property type.