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Downpayment funds in bank account

Established Member

Downpayment funds in bank account

Does the funds have to be seasoned for 2 months even if the money is from your paycheck? I was told to not make any large deposits but what if all large deposits are paychecks. Can I apply as soin as I hit enough for funds required or do I have to wait additional 2 months?
Message 1 of 5
4 REPLIES
Frequent Contributor

Re: Downpayment funds in bank account

They don't need to be seasoned, just verified.

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Message 2 of 5
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New Contributor

Re: Downpayment funds in bank account

I agree with the OP, my lender only requires gift funds to be seasoned.

Message 3 of 5
Moderator

Re: Downpayment funds in bank account


Monkeygirl531 wrote:
Does the funds have to be seasoned for 2 months even if the money is from your paycheck? I was told to not make any large deposits but what if all large deposits are paychecks. Can I apply as soon as I hit enough for funds required or do I have to wait additional 2 months?


No. You have already sourced these funds because they come from your paycheck.

 

The lender means don't make any large deposits that don't come from your normal paycheck or from source they can verify.

Message 4 of 5
Valued Contributor

Re: Downpayment funds in bank account

Yeah as long as the are verified..... On my closing I was $100 short since I had $3000 of unverified funds
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Message 5 of 5