deposit: Qualifying for a Mortgage? Don't Step in a Large Deposit Mess - 10/18/19 09:07 PM
Qualifying for a Mortgage? Don't Step in a Large Deposit Mess
 
By far, one of the most confounding experiences when one goes to obtain a mortgage is the sourcing of "large deposits" on a bank statement.  This is our industry's gift that keeps giving.  However, there are some ways to avoid inadvertently stepping into trouble and like with most things in life, an ounce of prevention is worth a pound of cure.  
 
What Is a Large Deposit?
Most of the time a mortgage lender will define a large deposit as a non-payroll deposit that exceeds 50% of your gross monthly income.  So, let's say … (6 comments)

 
Rob Spinosa, SVP of Mortgage Lending, Marin County (Guaranteed Rate, Marin County, CA)

Rob Spinosa

SVP of Mortgage Lending, Marin County

San Anselmo, CA

More about me…

Guaranteed Rate, Marin County, CA

Address: 324 Sir Francis Drake Blvd., San Anselmo, CA, 94960

Office: (415) 367-5959

Mobile: (415) 367-5959

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REX Homebuyer Participating Lender

80-10-10 Loans

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