Bank Account!

[kaymom]

What exactly do UWs and LO look for when viewing bank statements?

Also, what would be a fair amount to have saved? I know the more the better. But, I recently had to use some of my savings to pay a couple of CC.

Thanks in advance!

[namvet]

---

@kaymom wrote:
What exactly do UWs and LO look for when viewing bank statements?

Also, what would be a fair amount to have saved? I know the more the better. But, I recently had to use some of my savings to pay a couple of CC.

Thanks in advance!

---

You have to have enough money saved to cover any down payment and closing costs and have some reserved left over.  The underwriter will be looking a your statements to verify the above as well as recent large deposits, over drafts etc.  Your mortgage loan officers should be able to answer any questions you may have. 

[tooleman694]

They will be looking to see if you have the cash to close and they will want to know where it came from if it was deposited in the last 60 days. Also if you have NSF fees that will be a red flag.

They don't care if you use your savings to pay bills, its your money.

[kaymom]

Great! Thanks for the input.

[Anonymous]

What about if you are using 401k to pay for down payment and closing costs. Does your checking/savings account matter?

[JM-AM]

No it does not matter.

Getting funds from your 401K leaves a trail to show where they came from.