Question on conventional loan
Hi, I plan to convert my primary home into an investment property and buy a new primary home. I have another property where my parents stay. Do I need to have reserves for my current home and the property where my parents live or only for the home where my parents live? I have a car loan and credit card payments that are updated and paid regularly. Thanks by jerome881 from Maricopa, Arizona. Feb 24th 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
when getting a new loan you will likely need 6 months of payment reserves for the new place and several months for any rentals owned ...get pre approved and ask lender this question as it can vary - good luck
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