bank account question

[Anonymous]

I just realized I need a bank account.How long do I need to have it before applying for a morgage?

What do they need to see?

Thanks.

[Anonymous]

I have just recently signed docs for a home and the loan is through Bank of America. I don't recommend using them AT ALL, but that is besides the point. They have been looking at the last 90 days of bank statements. The lender wants to see that the funds in the account are what they call "aged" which means you didn't take out a loan in order to buy the house. They want to see an accumulation of funds ....at least that is what my loan officer kept looking at. It seemed like everytime I gave him a new statment he would constantly tell me.....keep saving.

Hope this helps! 

[Anonymous]

Typically you only need two full months of bank statements. Please let me know if I can help with anything else.

Edited.

Your post has been edited because it violates FICO Forums Guidelines and Terms of Service, which prohibit spam, such as advertisements for other web sites and services, or other commercial solicitations.

llecs, myFICO moderator

Message Edited by llecs on 08-21-2009 08:28 PM

[Anonymous]

Is your down payment in your mattress or you're going one of the programs that don't need a down payment?  Just wondering..

I needed 60 days.  Turned in statements for my money market and my savings account and skipped the others.  It's my understanding that they want to see you have the money needed for down payment/closing and that you aren't bouncing checks.

[SonorityGenius]

Our lender required 2 months of bank statements and did a VOD lol (go figure..)

I agree with the above, where is ur down payment coming from?

[shtws]

I have the same issue - No Bank Account.  Although i just recently opened up at Brokerage account with Fidelity and its the same as a checking account with checking writing + atm transaction.  Will this be ok? 

My downpayment money will come from my parents and my husband's parents as gift + cash at home.  We are doing a loan together and he has a bank account.  Only 1 person needs an account correct?  With so many banks going down lately, we feel its better to leave more cash in our mattress and to put everything in the bank.

[rockymtngrl]

are you talking about an FHA loan? I am pretty sure cash at home is not an acceptable down payment. I know gift of cash from home is not acceptable. They are going to want to see the funds you use for downpayment and closing in the bank for at least 3 months. Almost all banks are FDIC insured for 250,000 right now so cash in the bank is insured up to that point=no risk.

[shtws]

Yes, we are trying for FHA loans and I read on their website that you don't need a bank account.  The people that are giving you the funds just needs to have proof that they have it in their account.

I don't want to put all the money in my account now and have the LO ask where all these money came from.  I heard they ask about any amount over $1000

[rockymtngrl]

I understood your post to mean you are wanting to use gift funds plus cash at home. I don't think they will allow cash from home.