One of our local lenders was telling us this morning, that the government is now asking for almost all monies to be sourced.
What does that mean? Well, when you're looking to borrow money, they typically look back at your bank statements at least three months. And during those three months they want to be able to figure out where each and every deposit came from. So if you had a some checks for $2,500... every other week... they'd like to see pay-stubs to support them.
If you had a deposit of $1,200 from your sister, paying you back for the airline tickets you put on your credit card for her, they may ask for confirmation of that check.
So if your parents are giving you a gift (say $10,000... thanks mom and dad) to use toward the purchase of your new home, it might be a good idea to plop that 10-G into the account, more than 90 days prior to your application for a loan.
And remember... during your loan application process... the lender does not want to see any significant "cash" deposits into your account. $1,000 cash deposit that cannot be sourced, could be a problem. If you have cash oh hand. Do not deposit it while you're applying for a loan. Use it as your spending cash... use it at the grocery store, or take a friend out to lunch.
That mattress is lookin' better and better... isn't it?
ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779 Cell: 847.924.3313 Email: Almay@aol.com
Evanston Real Estate & North Shore Real Estate • Licensed in Illinois
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