Does the 203k require 3 months of cash reserves for approval?

Does the 203k require 3 months of cash reserves for approval?

Chicago, IL · Member since 2017 · 78 posts · 10 votes

I've been told that when buying 3-4 units, about 3 months of cash reserves is expected for just in case things go wrong. But does the 203k also require this? Considering you won't be immediately moving into the property, I would assume you could just show the reserves once the rehab process is complete? Or do they expect you to show reserves up front prior to closing?

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