The lender wants borrowers to have three months worth of mortgage payments in reserve. (homebuyinginstitute.com)
In this case, you would need one month's worth of mortgage payments in reserve for a gap up to 30 days and two months» of reserves for a gap between 30 and 60 days. (veteransunited.com)
Lenders now need less paperwork for income verification, and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve. (nhscleveland.org)