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Your Bank Statements Can Be Your Best Friend or Worse Enemy when getting a Mortgage
When getting a mortgage it is important to know all the documentation you will need. A short list is your most recent 30 days worth of paystubs, last two years w2's and complete tax returns. You will also need the last 2mths retirement account and bank account statements(all pages). When your loan is Underwritten(reviewed), the underwriter will go thru all these documents. In this post I am going to talk about the issues you need to be aware of when it comes to your bank account statements.
The reason you are required to provide 60 days worth of bank statements is because the underwriter will review the last 60 days of your bank account. So any "large deposit" must be documented. "Large" is a grey area and can depend on the individual underwriter, I would say anything over $200. Why is it important to know this??? You must be prepared to document these deposits. If you received a gift of $500 from your parents, then you will need a gift letter signed by you and your parents. You will also need proof of the Gift, such as the cancelled check that was written to you and/or a bank statement ... more
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