And even among those that do require cash reserves, the reserve requirement can vary from 1 to 6 months worth of mortgage payments in the bank! (homebuyinginstitute.com)
Some will require you to have the equivalent of one mortgage payment in the bank on closing day. (homebuyinginstitute.com)
For one client I might need three months reserves, which means three of those new mortgage payments in the bank, after closing. (joefairless.com)