How many months of PITI would I need to have in reserve for a NOO stated income/ verified asset loan…and also how long would it have had to been in the bank…?
I was told by one person 6months reserves PITI and the other person 12 months…is it that much different for every lender…?and I was also told that the money should be in the bank 30-60 days before i apply for a loan…is this correct?
6 months is usually the minimum, but some lenders do ask for 12 - it’s different for each lender. And yes, the money has to be seasoned for 60 days.
The majority of lenders that have loans specifically for NOO properties will only need 6 months. There are certain times when these lenders may require 12 months and just a handful that always require 12 months.
Dont let the assets hang you up though. If you have a high enough credit score then you may be able to qualify for a “no asset” based loan. If the seasoning part is the issue rather than the amount, then you could do a “stated asset” loan.
In anycase, make sure that your working with a mortgage consultant who specializes with investment loans. The people who you have been speaking with should have educated you on this.
Dont hestiate to substitue for another professional with more experience in these.