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Documenting
Your Assets - Verifying Your Down Payment
Checking,
Savings, & Money Market Accounts
The quickest and
easiest way to document funds in your bank account is to provide your
lender with copies of your most recent bank statements. Most lenders
request two months bank statements, but some still ask for three.
Some lenders still send
a "Verification of Deposit" to your bank in order to determine your
current bank balances and average balance for the last two months.
However, that is the old way of doing business and most lenders
nowadays prefer to have bank statements.
If the money you are using for the down
payment and closing costs has been in the bank for the entire period
covered by the bank statements, you're fine. These are known as
"seasoned funds." However, if your statements show any large
or unusual deposits the lender will ask you to explain them and
document their source.
copyright 2006 by Terry
Light and RealEstate ABC
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