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)
For instance, if you pay them as part of your mortgage payment, it only matters after you've actually made the payment. (studentloanhero.com)
The lender wants borrowers to have three months worth of mortgage payments in reserve. (homebuyinginstitute.com)