Moving money around

[Anonymous]

Fiance and I have separate checking accounts right now, and he has been transfering money from his account into my savings account just to have our money for the house centralized. Our lender told us not to move money around between our accounts until we close. However, is it okay to move money from our checking accounts into our individual savings accounts? Our checking and saving is with the same bank, so it's not like money is moving from bank to bank. 

[Heavanly1]

Moving money between your own accounts is perfectly fine (ex. from your checking account to your saving account), even if the accounts are located at different banks. During underwriting, you'll have to submit the past two month of statements to all your financial accounts and you want to make it as easy as possible for the underwriter to follow the money trail (i.e. where the money came from and where it's going). transferring money between your boyfriend's account and your account could muddy the waters a bit. 

If your goal is to centralized the house savings, ask your LO if it's okay if you and your boyfriend open a joint saving account and maintain the housing funds there.

[indiasnowden]

My recent experience going FHA with Wells:  they questioned a couple of transfers between my checking and savings within the same bank family.  I couldn't produce the bank statements because they were transfers between NCB and PNC.  PNC bought NCB and statements are no longer supported for closed NCB accounts.  I wrote a letter of explanation per my LO and they accepted that. 

Since you are applying as two single people, whatever your marital intentions may be at this time, that may be a game changer for you. 

Different mortgage companies may have different underwriting standards, I would ask my LO why the rule.

Best of wishes on your new home and you new life together as well.

[Anonymous]

Thanks!

Hopefully the underwriter won't have a fit about money transferred prior to the loan application. 

[Anonymous]

I'm curious as to why you are doing exactly opposite of what your loan processor has asked you not to do.  I understand your explanation, however, it does not seem to matter to the loan processor that you have separate accounts. In my opinion, I would listen to the loan processor; he/she is there to help you get the loan, please listen to him/her.

BTW - I really do believe the loan  processor will have a fit as you are doing the exact opposite of his/her direction. Good Luck though.

[Anonymous]

I'm not sure you are reading my post right - we ARE doing what the LO asked us to do. Before we even began the process and submitted a mortgage application, we were trasferring HIS money allocated for our house savings into MY savings account in order to have our money centralized. However, since applying, we have been leaving our money in our own accounts, My question was in regards to whether or not it's okay to transfer our own money into our own individual savings account, as our LO only told us not to transfer money from his account to my account. I wanted to make sure all transfers weren't off-limits. 

We are not purposely disregarding the advice of anyone during the process, but thanks for the advice. 

[Anonymous]

Thanks for the clarification. I did read your question wrong. Transferring to a joint savings should not be a problem. I transferred between my 2 checking accounts and only had to produce documentation tracing the money. Again, good luck..