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For instance, if you lose your job, your income declines or you experience a medical emergency. The term reserves, simply means cash you can get your hands on fast if you need it.
When Do You Need Reserves. You typically dont need reserves when you purchase a primary residence. However, with a second home, a multi-unit property, or investment real estate, you probably will.
This would seem to leave out reserve worries for single-family prime residences, but maybe not. You may need reserves if you want to cash out some home equity. Thats a current personal loan rates 2016 ironic, because if youre cashing out equity it usually means you need cash - not that you have all these reserves lying around.
And Fannie Mae makes it very clear that you cant be taking cash out because you need the money. cash proceeds from a cash-out refinance transaction on the subject property, say the guidelines.