Bank statements and verifying deposits

[Ktiz54]

I'm in the process of getting approved for a USDA Guaranteed loan so no down payment but I have paid the new home builder $2K in Earnest Money.  My question is on the two months bank statements that I provided them a few weeks ago there were some payments from my daughter to me for $550 one month and $600 the next.  She just got out of college and got her first real job and was paying me back part of what I spent on the car I got for her when she was in college. 

Are they going to make me provide her bank statements to track those deposits?  The Earnest money all came from my paychecks and was not from those deposits.  Just curious how many details they need to know.  I don't mind explaining where the deposits came from and why and I can provide proof I bought her the car, I just don't want to have to make her provide bank statements too.

[StartingOver10]

---

@Ktiz54 wrote:

I'm in the process of getting approved for a USDA Guaranteed loan so no down payment but I have paid the new home builder $2K in Earnest Money.  My question is on the two months bank statements that I provided them a few weeks ago there were some payments from my daughter to me for $550 one month and $600 the next.  She just got out of college and got her first real job and was paying me back part of what I spent on the car I got for her when she was in college. 

Are they going to make me provide her bank statements to track those deposits?  The Earnest money all came from my paychecks and was not from those deposits.  Just curious how many details they need to know.  I don't mind explaining where the deposits came from and why and I can provide proof I bought her the car, I just don't want to have to make her provide bank statements too.

---

It is normal for the lender to ask for the source of funds too (your daughters bank statements).

[Ktiz54]

Thanks.  I'll start gathering info then just in case.  I just don't understand their reasoning if the $ aren't being used for a downpayment or earnest money though.  Learning alot through this whole process!

[StartingOver10]

---

@Ktiz54 wrote:

Thanks.  I'll start gathering info then just in case.  I just don't understand their reasoning if the $ aren't being used for a downpayment or earnest money though.  Learning alot through this whole process!

---

If you don't need those funds for down payment, closing costs or reserves then you won't need to source them, they will just remove the funds from the calculations. Speak to your LO.