Newbie Questions

[Antonia K.]

I just found this forum and am so thankful I did! Have much reading to do tonight. Two questions for the experienced.

I have been wanting to purchase a rental property for some time now. Something small, no major work, tenant-occupied, etc and have found 2 properties that interest me. I don't know about the different types of financing/creative financing etc that are out there- I'm an "old school" person- used to conventional lending etc. Anyway, the properties that I've been eyeing are below $100k purchase price. Tenant occupied, "rehabbed", etc. I have 2 preapprovals in place, everything is looking good with the bank. However, I'm required to put down 25% down payment, plus show reserves. I'm finding that I'm coming up short on the down payment because most of my reserves I planned on using to put down for the downpayment- leaving me with 3 month's worth of "emergency funds" whereas the bank wants to see 6 month's worth. I have crunched all my numbers and I can certainly afford this and I'm debating between waiting 4 months until I have enough to cover down payment and reserves OR looking into a loan for down payment because I don't want to let one of these properties slip by. I'm looking for recommendations/advice on what the best course of action is. I appreciate any and all help.

Along with this, can anyone explain the FM Homepath Program briefly to me?

Thanks so much!