topic Re: large deposit after approval in Mortgage Loans

large deposit after approval

jwpezd — Wed, 20 Mar 2013 13:35:01 GMT

i have been approved by the lender and my file is with usda. i just recieved an insurance check for an accident my wife had about a month ago. I know you arent suppose to make any large deposits i was just wondering if the underwrite will be needing a final bank statement? i already provided the statement showing earnest money cleared. didnt know when final approval comes do they look at another bank statement? if not i would like to deposit this check and get my car fixed

Re: large deposit after approval

Anonymous — Wed, 20 Mar 2013 13:37:09 GMT

If they did need a final statement, the deposit is acceptable. Just provide them the sourcing info.

Re: large deposit after approval

tooleman694 — Wed, 20 Mar 2013 13:38:02 GMT

If they sourced all the money for your down payment already they should question anything more. but you never know

Re: large deposit after approval

Adalen — Wed, 20 Mar 2013 13:43:27 GMT

I've made (mobile) deposits of checks from refunds (non tax related) and so on, I just keep the voided check and receipt they come with so they can verify that I'm not out dealing drugs in order to buy a house.

Re: large deposit after approval

playboy — Wed, 20 Mar 2013 14:12:51 GMT

Tool is right. If your closing costs have been sourced then you should be fine.

Re: large deposit after approval

Anonymous — Wed, 20 Mar 2013 14:16:08 GMT

@Adalen wrote:
I've made (mobile) deposits of checks from refunds (non tax related) and so on, I just keep the voided check and receipt they come with so they can verify that I'm not out dealing drugs in order to buy a house.

Wait, you mean they frown on that sort of thing? wish someone would have told me sooner.

Re: large deposit after approval

Anonymous — Wed, 20 Mar 2013 14:51:45 GMT

@jwpezd wrote:
i have been approved by the lender and my file is with usda. i just recieved an insurance check for an accident my wife had about a month ago. I know you arent suppose to make any large deposits i was just wondering if the underwrite will be needing a final bank statement? i already provided the statement showing earnest money cleared. didnt know when final approval comes do they look at another bank statement? if not i would like to deposit this check and get my car fixed

I believe the reason they say not to deposit any large amounts is because it will most likely trigger the need for a Letter of Explanation. Its just simpler if you don't make these sort of deposits but if you have to deposit it, you can write a letter later and it should be fine.