Question on bank account information

llecs · ‎06-22-2009

From what I have read, the LO or UW will ask for past bank statements as verification for income. right? How many month's of info do they ask for?

Between DW and myself, we have 7 deposit accounts between 3 banks. Each one has it's own function (e.g. monthly bills, tithe, rent, fun money, ACH transactions, savings, etc.). We get several checks each month for job income, residual income, etc. and will deposit one or more checks per account based on our budget. Prior to app time, would it be wise to consolidate our income and deposits into one single account? If so, how long before app time?

Also, we pay cash at rent-payment time (landlord is FIL). Would LOs or UWs prefer to see a cancelled check on our end?

Anonymous · ‎06-22-2009

They asked us for two months bank statements. They wanted two years w-2's for income verification and said the bank statements were to calculate cash on hand to show we have a down payment. We have 5 bank accounts total and it wasn't a problem. Just had to bring in 2 months statements for each account.

They didn't ask about rent payments at all. I guess maybe that depends on whether you need it to boost your credit file/history.

musikklvr · ‎06-23-2009

My LO only asked me for two statements as well. He didn't ask for any rent verifications.

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Anonymous · ‎06-23-2009

My LO mentioned he may need to verify rent payments, but because of my wife's score it may not be necessary.

rockymtngrl · ‎06-23-2009

You may want to start making the payments by MO or check just as a cya. Many times they don't need to verify rent but if they do they will need more than just the landlords word when the landlord is a relative.

Anonymous · ‎06-23-2009

@llecs wrote:

Between DW and myself, we have 7 deposit accounts between 3 banks. Each one has it's own function (e.g. monthly bills, tithe, rent, fun money, ACH transactions, savings, etc.). We get several checks each month for job income, residual income, etc. and will deposit one or more checks per account based on our budget. Prior to app time, would it be wise to consolidate our income and deposits into one single account? If so, how long before app time?

Also, we pay cash at rent-payment time (landlord is FIL). Would LOs or UWs prefer to see a cancelled check on our end?

I have several accounts. My loan officer didn't bother looking at most of them. She documented the two biggest ones, one of which held my closing costs and down payment. Neither of them had my pay check coming in directly - she used W2s and pay stubs for income verification. No rent verification required for me but I imagine it wouldn't hurt to have receipts or documentation with a check just in case.

llecs · ‎06-23-2009

Thanks for the answers, guys! We may move on a new house pretty soon. Talked to one of our banks (M&T Bank) yesterday and they were pretty eager to help. They were adamant that I should go the FHA route, but I'll ask a question on that in a new thread. BTW, the min. mid-score requirement is 660 (for that bank).

Message Edited by llecs on 06-23-2009 10:14 PM