How many months for deposit verifications???

[goodygoody]

Helllooooo....   

My husband and I are planning to buy a home next spring/summer, and so I'm trying to make sure I have things in order!  I've seen people here mention having to explain bank deposits to lenders, and I'm a little nervous.  Does anyone know how many months they usually go back to look at deposit history?  I'm worried because my mom lives with us, and she gives me her share of the money for bills each month, which I then pay.  I often, however, will add in any other checks or cash I might have around (nothing huge, just from a little housesitting I do sometimes or from when we sold something on craigslist, that kind of stuff).  I haven't been paying attention to this until now, and I'm not sure I could honestly give details of exactly what every single deposit was. 

So I guess my question is, are they going to make us explain a full year of deposits?  Or is there some shorter period they'll look at?  We'd be applying to FHA and/or USDA, so I'd like to know for those two lenders specifically.  I've been so preoccupied with getting our credit perfect, I haven't bothered to think about the bank stuff...  Thank you for any help!!

[Ron6262]

     This turned out to be a major non-issue for me.  I did an FHA mortgage with Michigan Mutual as the lender.  I was kind of worried about his as my banking history has a lot of cash deposits as I had recently sold a lot of things in the last year while downsizing into a small rental.  They didnt question a single deposit, not a one.  I submitted 90 days bank statements and was not questioned about any cash deposits.  Oddly enough, I did have to explain my direct deposits from my pension fund and two employers with verificiation letters??  This was surprising to say the least.

[LondonMassey]

I'm in underwriting with a second lender right now. My first lender only required 3 months of statements and deposit verifications. I was approved but unfortunately had to switch because of issues with an assistance program I am using.

This new company goes back 6 months. LUCKILY this process has taken 7 months (short sale).

My advice, even if you decide to go with a lender that goes back 3 months, prepare for 6 months. Especially if the deposits vary and are frequent (monthly).

[goodygoody]

Thank you thank you, all!  I'll start being vigilant about keeping track of things now to get in the habit - by summer, hopefully I'll have everything in order!