Reply
Regular Contributor
goodygoody
Posts: 199
Registered: ‎04-07-2009
0

How many months for deposit verifications???

Helllooooo....  :smileyhappy: 

 

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!!

Regular Contributor
Ron6262
Posts: 137
Registered: ‎07-14-2012
0

Re: How many months for deposit verifications???

     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.

Frequent Contributor
LondonMassey
Posts: 453
Registered: ‎01-03-2012
0

Re: How many months for deposit verifications???

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).
Cap1(sc) 550, Cap1 750, Walmart 750, Home Depot 3000, Amazon 700, US Bank 1500, Childrens Place 1100, JC Penney 700, Old Navy 700, PayPal 700, Torrid 700, Lane Bryant 150, Avenue 500, OSP 500, Amex Blue 2000, Disc it 1000, Walmart Disc 2200, Old Navy Visa 1700, Mortgage 09-2012, Car Loan 03-2013



Current Score: EQ 665 EX 687 TU 695


Take the FICO Fitness Challenge
Regular Contributor
goodygoody
Posts: 199
Registered: ‎04-07-2009
0

Re: How many months for deposit verifications???

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!

 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}