The cash amount that the borrower must have on hand after paying the down payment and closing costs as an "emergency" reserve in case of an interruption in their monthly income. The borrower must show proof of this cash reserve, generally two or three months' worth of PITI, or total monthly payments.

A cash amount a borrower must have left over after making a down payment and paying the closing costs for the purchase of a home.

A cash amount that a homebuyer must have on hand after making a down payment and paying all closing costs. The reserves required by the lender must equal the amount a homebuyer would pay for principal, interest, taxes and insurance for a specified number of months.

Pl 104-121 Or Public Law 104-121 (Regulatory Fairness)