bank statements needed for mortgage -- do they need to see every transaction?

[Sk323i]

The lender I may end up working with has asked for Bank Statements for 2 months. 

Specifically, the request states: "Most recent 2 bank statements from your personal checking and savings accounts. (must show your name, account number, balances AND include all pages, even if the page is blank)"

Now, does that mean he wants the full transaction details of all purchases and credit made to the account in the 2 months? 

Or just the statement type that shows the summaries: total debits and total credits for the account each month. 

I ask because in some cases -- my account goes to 0 - so it doesn't look that appealing. But total income in my account is $7000 plus a month. but I use that all to pay bills, and expenses each month. No extra savings left over.

[MauiMan85297]

Yes, they want it all.  Open up your online account and print 2 months back, this will show all transactions for 2 months.

[DallasLoanGuy]

every page

[MauiMan85297]

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@DallasLoanGuy wrote:

every page

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Even those Starbuck purchases and all the times you go out to dinner, lol

[CaliforniaLoaner]

They also need actual bank statements, not a transaction history. The easiest thing to do is go to their e-statement section of the website and save them as a PDF on your computer. Then send it to them that way.

[CaliforniaLoaner]

They also need actual bank statements, not a transaction history. The easiest thing to do is go to the e-statement section of the website and save them as a PDF on your computer. Then send it to them in an email that way.

[coachhenson]

If you are in the middle of a statement cycle, they WILL take a transaction history, but it has to be everything.  Just went through this. Closing in 51 minutes!

[Anonymous]

My understanding of the need for bank statements - 

1. Verify income

2. Uncover undisclosed debts - payments to undisclosed credit cards or personal loans, auto loan payments of a vehicle you didn't say you own and is not on your credit report, etc.

3. Evaluate money management - do you consistently overdraft?

4. Verify the source/seasoning of deposits in your account

5. If you provided rent checks as part of a VOR, your statements should support the checks your submitted

From what I just went through, the underwriter could care less how much I spent at Starbucks or dinner. They didn't care if I was shopping at Kinks'r'Us or billing to CrazyAdultWebsite.com. It was all to validate what's listed above. Basically, does A + B on your loan application reflect C in your bank accounts.

[Sk323i]

What if I pay rent to my parents in the form of cash - withdraws out of my account? 

Also, I have 1 overdraft. Does that look bad and would cause me to get denied? 

[Anonymous]

Ask your loan officer about the overdraft and be prepared to write a letter of explanation about the overdraft. It really depends on how shaky your file is. Why did you overdraft? Are you constantly not saving money and riding the line to 0$ in the account? I only ask because you're going to have to remember to save money going forward, as home repairs can add up quick.

For the rent situation you should probably already have had this conversation with your loan officer. Depending on the mortgage company and AUS requirements you might have a tough time providing rent history. Have you rented before? Is this your first time living away from you parents? I know it's more common now due to cultural norms and the economy.

How much more is your mortgage than the rent you pay to your parents? I would suggest you start saving money for reserves if you haven't already. Also, why is it that you have 7k a month coming in, but don't have anything saved? You say bills, but how are you planning on those bills decreasing when you are on your own? Do you have a lot of debt? You don't have to answer that, just something to think about.

What's your profile like? Do you have traditional trade lines with good history? What's your debt to income ratio? Anything on your report holding your score down? Only you and your lender know how strong your profile is, and we can't be of much help without knowing either.

Talk to your loan officer.