Have six months of reserves that cover ALL expenses, including full mortgage payment. (biggerpockets.com)
The lender now also pulls the applicant's FICO ® Mortgage Score, which is a 720; this score reflects prior positive mortgage payment data not reflected at the credit reporting agencies because it's from a paid - in - full mortgage loan no longer being reported. (fico.com)
If the Debt Coverage Ratio is just above 1, then with a small decline of NOI the investor will need put cash from his own pocket in order to continue paying in full the mortgage payments. (xelonline.com)