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Account funding (Down payment)deadline?

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Eric958
Established Contributor

Account funding (Down payment)deadline?

I may be confusing myself ,BUT.. I'm preparing for a mortgage hopefully end of 2023. My question is about funding my down payment account. How many months prior do I have to have it in my account to be considered seasoned? or how far back will the LO want to see as far as my bank statements. Thanks




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Mortgage-Specialist
Established Contributor

Re: Account funding (Down payment)deadline?

The LO will only be asking for the most recent 2 months of bank statements.Your  prir transactions will not be seen

Message 2 of 4
MortgageMama
Regular Contributor

Re: Account funding (Down payment)deadline?

Ditto - Two months bank statements is all you need. Just make sure that neither show any large deposits. Basically, the statements should show balances with reasonable deposits consistent with your income.

The Federal Savings Bank / Member FDIC / Equal Housing Lender / Lending in all 50 States / 25 Years in the Mortgage Industry
Message 3 of 4
Eric958
Established Contributor

Re: Account funding (Down payment)deadline?

Thank you for your replies!




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