The borrower has significant cash reserves in the bank, beyond what is needed for the down payment and closing costs. (bpfund.com)
But there are exceptions to this rule, especially for borrowers with significant cash reserves and / or residual income after the mortgage payment has been made. (bpfund.com)
In the terms proposed for the initial guarantee deal last March, Everton would have had to hold significant cash reserves for similar reasons, although perhaps only in the early years, the details were not specified. (theesk.org)