Down Payment Question

[Anonymous]

I would like to know the process of verifying the down payment during the fha approval. I know I will give my bank statements to my LO, I seem to remember that the financing bank takes a snapshot? of my finances? If so, do you know when this takes place. I am getting my ducks in a row and would just like some answers. I do have the funds, it is not a question, I just want to know this process.

Thanks for the help!!

[Anonymous]

My LO just wanted bank statements that showed where the money was held (i.e. savings) I was pulling from. 

[ShanetheMortgageMan]

You show the statement from the account where the funds are at, it's that simple.

[Anonymous]

Thanks!

My last experience was very bad, hopefully this one will be better. My LO is doing a rapid rescore now, I've paid down most of my cards, she said it takes a week. I appreciate all the help I have gotten on this board!

[ShanetheMortgageMan]

Welcome and I'm sure things will work out fine for you.