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Sep 28, 2017 - 34 minute read

How much interest to charge on personal loan

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 still 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. For example, no reserves may be required for a 1-unit primary residence, whereas two months may be required for a second home, and six months for a 2-4 unit primary residence or investment property.

Ultimately, they can range from as little as zero months to as much as 12 months, depending on the scenario. As a rule of thumb, more risk requires more reserves.

How much interest to charge on personal loan

Life can, and should be good here. Sadly though, there are people in Waco whose lives are complicated by extremely difficult financial situations.

Many residents of Waco struggle just to pay bills and put food on the table. In fact, nearly a quarter of the citys residents live below the poverty line. (1) But even if youre financial situation seems hopeless, there are many options in Waco. Getting Help in Waco, Texas.

How much interest to charge on personal loan

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