Bank Statements

[jonjohn]

Generally, how many months or years of bank statements are needed? I spoke to a lender and they told me to have 2 months... I was talking to a friend earlier this evening that used to be a real estate agent and he said 3 to 5 years! That seems a bit excessive...

Thanks

[StartingOver10]

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@jonjohn wrote:

Generally, how many months or years of bank statements are needed? I spoke to a lender and they told me to have 2 months... I was talking to a friend earlier this evening that used to be a real estate agent and he said 3 to 5 years! That seems a bit excessive...

Thanks

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No...NOT 3 to 5 years. The Realtor could be thinking of something else...lol.

For a normal mortgage application where the borrower is a W-2 type employee then two months is standard.

[tooleman694]

2 months plus any bank statements for earnest money going back 2 months to source. I gave them about 6 months worth of statements.

[StartingOver10]

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@tooleman694 wrote:

2 months plus any bank statements for earnest money going back 2 months to source. I gave them about 6 months worth of statements.

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Yes, because you built your home and your EMD was provided in the beginning. ^^^Toolman raises a good point. They want to know the source of your down payment no matter how long it is between the time you made it and the time you get your final approval. This can be a while with new construction homes.