How many months reserves are needed? For subject properties only or all properties?

It depends on the loan program. For Owner-Occupied Lite Doc and Bank Statement programs, see below: LTV Min. Reserve Requirement Less than or equal to 65% LTV 0 months PITI(A) Greater Than 65% LTV 3 months PITI(A) Borrowers who own other financed properties are required to evidence an additional 1 month of PITIA reserves for […]

Are there FTHB restrictions associated with the Lite Doc program?

The only restriction is that First Time Homebuyers require a Minimum 660 FICO. You can be a FTHB and purchase an investment property and use the rental income to qualify unlike Fannie Mae and Freddie Mac – and we also accept gifts towards down payment and closing costs.