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.
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