Buying A Home
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How much money in account?

My husband is signing the paper work today to lock in our interest rate on the loan. One of the things that they want is 2 months worth of account transactions. How much money do they want to see in their? If it matters we have a 175,000 loan at 4.25 our payments will be around 873. I am not sure what type of info you need. 

Re: How much money in account?

  • They aren't looking for the amount/balance in the account. They are looking to see if you've had any large deposits or withdrawals recently. Large as in multiple thousands of dollars. Large deposits or withdrawals may mean that you have a loan held privately (not saying you do, just saying they check for this). So, they want to be able to verify the sources of all funds.

     

     

  • They are looking to see what your cash flow is. They want to see a consistent income deposited, what bills you pay. How often you move money around. We had to do this twice. Once when we applied for the loan (May) and then again when we closed (August).
  • As the others said, they want 2 months of bank statements.  If there are any large transactions, they are going to want some sort of proof of the source of the funds.

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  • vpinevpine member
    Third Anniversary 100 Comments 5 Love Its
    edited August 2013
    They asked us for 2 months of transactions too - they are checking to see if there's unusual deposits, late fees, overdraft fees. They check for 'seasoned funds' which means your down payment $ needs to have been saved and in your account prior to the last 2 months.
  • Ahhh okay. Now I am not as nervous! :)
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