During U/W will they ask for statements from ALL bank accounts?

[flinjami83]

My husband and I have been approved for an FHA loan and are going house hunting this weekend... I'm getting nervous about the UW process and one of my questions is will they need statements from all of our bank accounts or just the one being used for the downpayment funds?
We have a checking and 2 savings accounts at BOA that our normal direct deposits go to. And my husband has his own credit union savings that we will be using for funds for the down payment. WIll they ask to see all of the statements or just the one being use to fund the down payment?

Also do they verify small deposits or just the larger ones?

[ShanetheMortgageMan]

Only the bank account statements which your down payment & reserves (if any) are, are needed.

An exception is if you have multiple bank accounts, and the one that has the down payment &/or reserves has deposits from another one of your bank accounts... then that other bank accounts statements will also be needed.

For FHA, if the deposit amounts are "significant" (which is abritarily determined by each underwriter) then they will need to be documented.  Usually the threshold of a significant deposit is $1k.  Sometimes we see underwriter's ask about $500+ deposits though, particularly if there isn't a lot of money in the account...  i.e. if the balance is $30k in the account then a $500 deposit is less likely to be asked about than if the balance is $2k.

[ladyvwj]

We have 2 checking accounts and 1 Money Market. Our closing funds will come from our MM but I had to submit all 3 to show where the deposits and transfers were coming from since we do a decent amount of transferring from one account to the other (DD account to main and MM). One account serves as our main checking for everyday expenses and the other checking is used for my payroll DD and automatic withdrawal payments. DH also receives live checks and are deposited between the main checking and the MM.

[flinjami83]

We don't transfer any money from our BOA to the credit union checking. Everything that goes into that account is done via direct deposit from his employer and also his 401K. So would we need to show statements on the BOA?

[ladyvwj]

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@flinjami83 wrote:

We don't transfer any money from our BOA to the credit union checking. Everything that goes into that account is done via direct deposit from his employer and also his 401K. So would we need to show statements on the BOA?

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I am not certain but based on my past experience, they may ask for it. A few years back when I purchased my last home, the LO asked for my DD checking statement because my paystubs indicated "direct deposit" and the main checking statements that I submitted did not show any direct deposits. Not sure if it was his preference to get the statements or if it was a requirement.

[ShanetheMortgageMan]

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@flinjami83 wrote:

We don't transfer any money from our BOA to the credit union checking. Everything that goes into that account is done via direct deposit from his employer and also his 401K. So would we need to show statements on the BOA?

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If your BofA account wasn't used to qualify, and since you don't transfer any of those funds to the credit union checking, then you wouldn't need to provide statements for BofA.