Hello sorry for not having a picture “emergency question” I am in the process of buying a multi Family unit in Philadelphia (triplex 9 bedrooms). The sellers agreement has been signed, money for down payment, inspection, and appraisal i have, however the underwriter wants me to have at least four payments of the mortgage as well, I only have two payments. Time is ticking for me I need help !?!? What should I do at this point? Thank you #biggerpockets

Originally posted by @Marquis Bourne :
Hello sorry for not having a picture “emergency question”

I am in the process of buying a multi Family unit in Philadelphia (triplex 9 bedrooms). The sellers agreement has been signed, money for down payment, inspection, and appraisal i have, however the underwriter wants me to have at least four payments of the mortgage as well, I only have two payments. Time is ticking for me I need help !?!?

What should I do at this point?

Thank you #biggerpockets

 Your lender should have verified you have the reserves before giving you the approval.

Do you have a 401k?  You can use the funds from here for reserves.  You can also get a gift from family and borrow the money to close

Sell stuff on craigslist, get a loan against a car you own (if you have enough room on DTI), go to a casino.... But they're going to ask where the money comes from most likely and you're going to have to write a letter explaining it.

How much time do you have? Maybe take out a HELOC on your primary residence if you have enough equity in it.

I had to go onto my Fiance's bank account and have her sign a letter saying that I had access to the funds.  I did this 6 months in advanced so my name was on all the recent bank statements but it may work with just a signed letter.   

Hi @Marquis Bourne,

Welcome to BP!

Sorry to hear the circumstance. The LO did not evaluate your reserve requirement needed to purchase a multi family property. If you are not getting seller assist now, request it so your required funds to close can off set your reserve requirement for PITI. Otherwise extend the closing date to gather another pay check or two to meet PITI reserves.

Regards

Joe Scorese