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Seasoned funds & self-employed/business owner...

Valued Contributor

Seasoned funds & self-employed/business owner...

I understand that normally funds needs to be seasoned for 2 months in a bank account for them to be counted as an asset. 


What happens if you are a business owner/self-employed and you receive aand deposit a check from a customer in a substantial amount, say $5,000? Would that not be counted since it hasn't been in the account for 2 months or is it different circumstances for self-employment people?

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Valued Contributor

Re: Seasoned funds & self-employed/business owner...


Message 2 of 3

Re: Seasoned funds & self-employed/business owner...

If you are self-employed than your bank statements and tax returns are much more important to the approval process.

Hopefully you have separate accounts for your business and for your personal business.

You will need to supply the last two years of tax returns both personal and business plus a min of 60 days for both the personal and business bank accounts. In addition to the normal items, you will need a current P& L statement.


If you have quickbooks it should be a slam dunk for you to provide a P&L. You might, depending upon the size of the loan, need to have your accountant propare an accurate P&L, but most of the time you can provide an accurate one from your existing software program (quicken, quick books etc).


Yes, the underwriter will check your funds to see if you have seasoned funds. They will also want to know the source of each and every deposit.

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