topic Re: Seasoned money coming in at start of underwriting in Mortgage Loans

Seasoned money coming in at start of underwriting

Anonymous — Fri, 12 Mar 2021 22:56:44 GMT

I'm wondering whats going to happen with my bank statements and asset verification for my particular situation.

My bank statements for January/Febuary will show ~10k in seasoned money however my estimated closing costs are going to be around 20k including downpayment. I have the rest of what I need plus more in my account now from sources that season immediately Paycheck/Tax Refund but that wont show up until my march statement.

Were doing a home inspection this weekend and if we still want to proceed I presume the underwriting will happen shortly thereafter. I'm using a mortgage broker and brought this up to him and he didn't seem concerned but I am. Is this a non issue?

We've been keeping a small reserve of cash and paying down around 5k of debt a month and wanted to wait longer to buy a house but the perfect one for us went on the market and our offer was accepted.

Re: Seasoned money coming in at start of underwriting

brk1971 — Sat, 13 Mar 2021 05:11:26 GMT

I had almost no seasoned funds when my initial underwriting occurred, but bank statements clearly show my down payment and closing costs being increased paycheck by paycheck during the construction process. My timeline was longer but circumstances similar. They had access to my bank accounts and pulled statements periodically. UW had zero issues.

Re: Seasoned money coming in at start of underwriting

DebtStinks — Mon, 15 Mar 2021 01:12:06 GMT

If all the additional funds are from "immediate seasoned" sources like direct deposit payroll, etc. you should have nothing to worry about. Worst case scenario, they can get deposit/account verification either electronically or requested in writing by an account "summary" printed from your bank and notarized by the bank, etc to verify the account balance and source of funds to get to that amount. Easy peasy. They did the same thing (electronically) for my mortgage I closed on back in September 2020.

Best of luck!

Re: Seasoned money coming in at start of underwriting

Anonymous — Thu, 18 Mar 2021 02:13:45 GMT

Just wanted to follow up with that happened for anybody reading this thread in the future.

I was issued a conditonal approval and the underwriter is just requesting my statements from March when available that will show I have the funds for closing. Seems like I was worried for nothing.

Re: Seasoned money coming in at start of underwriting

AZEsq — Fri, 02 Apr 2021 19:46:09 GMT

Thanks for the update!