I'm wondering how detailed lenders will scrutinize my bank statements and spending habits? What items do you need to verify when I provide these bank and/or credit card statements to you? by clayton542 from Toccopola, Mississippi. Sep 19th 2016
If you are purchasing a home your bank statements provide the lender with proof of funds for the down payment and closing costs.Credit card statements are not required. However, total monthly payments as reflected on your credit reports must be below about 43% of your total gross monthly income to gain approval. call me for details. 216 337 7520
Hi Clayton, I've never heard of a lender asking for a credit card statement - so you should be good there. On your bank statements however (and I can only speak from my point of view), depending on your loan program, a lender will review your bank statements for any non-payroll / large deposits and may require a letter of explanation and supporting documentation. A letter of explanation would also be needed for any overdrafts or NSF's listed on your bank statements. I'm located in North Mississippi - so feel free to email me back if you have any additional questions: dougc@fairwaymc.com.
Only asset statements are analyzed.. so no need to worry about credit card statements.. if there are large withdrawals, they might ask for you to explain.. (large withdrawals could mean major purchases, which might include payments that needed to be added to your debt to income ratios).. But typically, lenders analyze your asset statements which hold the funds you are using for down payment so they can be sure the funds going into that account are seasoned and sourced.. large cash deposits can be an indication of illegal activity, so any deposits over $500 typically will need to be explained.. (direct deposit from your employer does not need an explanation).. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
they want to see work related deposits that can be documented with a check copy. They don't care about spending habits unless you have multipel NSF's whereby you could be disqualified.Transfers from other accounts is not a deposit (and won't count) unless that transfer can be documented as income from work.
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