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Does FHA have cash reserve requirements for FHA qualifying?

Answer

With the exception of 3-4-unit properties, FHA loans do not have cash reserve requirements. For those transactions, the borrower must have reserves equivalent to three months' PITI after closing on purchase transactions. Reserves cannot be derived from a gift unless approved through FHA TOTAL Scorecard as outlined in Mortgagee Letter 04-44. For more information on three-and four-unit properties, See HUD Handbook 4155.1:2.B.4.d.
 

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