Seasoned Funds

[Anonymous]

We are in the building process and were required to put 1% down at the time of signing the purchase agreement. We will also have to put another 1% down after selecting upgrades and then will bring the remaining 1.5% (we are doing 3.5% down on FHA) to closing. The lender who preapproved us mentioned that 60 days before closing (we close in March so this will be provided in January) one of the things they will need is a copy of our bank statement showing where the 1% deposit was withdrawn from our checking acct and then the Dec & Jan bank statements. Do they just want to see that the deposit was paid out of our personal checking acct (and not by someone else) or will seasoning rules apply and will they want to trace where the deposit came from. I ask because I transferred the money from our savings acct to our checking acct the day we signed the agreement but the money had only been in that savings acct for maybe a month.

[Anonymous]

Anyone?

[Anonymous]

From my limited experience, they want to see that you have funds that don't appear to be borrowed. If you can show that they came from savings you will be fine. If it's been in your account for 2 months they probably won't even question it. I can only think that would even be an issue if you had personal loans or something showing recently maxed out.