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When do mortgage lenders ask for reserves?
#1
Mortgage lenders will often ask for reserves if the mortgage loan borrower has credit scores under 600 FICO or has high debt to income ratios. Also, home buyers buying a 3 to 4 unit multi-unit property will be required to have three to six months reserves in the event if the property needs repairs. Reserves are considered one month principal, interest, taxes, and insurance. Principal, interest, taxes, and insurance is also referred as PITI. Other cases where reserves are required by mortgage lenders is when a home buyer is purchasing an investment home. Mortgage lenders asking for three to six month in reserves is not uncommon. Below are related articles on reserves requested by mortgage lenders.

http://gustancho.com/why-do-some-lenders...hers-dont/

 
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