Charles, I need help.

[utman17]

When supplying bank statements..

Do I just need to supply the top portion where it shows beginning balance, deposits and other additions, checks and other deductions

and then ending balance?? I do not need to supply amounts of deposits and checks written do I? They want to see the last 60 days of my checking and the last report on my savings.. How much of a affect will this have if its like a roller coaster?? Always have a positive balance but sometimes I spend way more then I deposited.

Thanks for your help...

[chingasaholo]

Look at my post's below, My buddy has had to provide 3 bank statements so far, and they have questioned each and every deposit made in the last 3 months, no matter how small. Even a 30.00 check to his wife for a birthday present from her mother....They wanted a gift letter for that!!

I'm sure their situation is the extreme but I do know this, they dont want just the snapshot of the balance, they want to see the whole statement with all the charges, deposits, etc... on there.

Charles is pretty knowledgable, he'll probably be able to steer you right.

[firstsource]

A lender will ask for 2-3 months bank statements, what they are looking for is to see that you have currently the amount of reserves needed if this is a prime loan, and for all loans, they want to see if you have enough money to pay for the closing costs that you have to pay (pre-paid interest, Hazard insurance for 12 months for sure, plus if you want to have your insurance and taxes put into an escrow account, you will need that also) Then if you have to pay other closing costs and a down payment, they want that also.

You may wonder what they can determine from seeing your bank statements? They can see if there are some unusually high deposits made, that could have come from the seller to help you purchase the home. They don't like that. They are not going to care so much if you bounce checks, just need to know that the reserves and down payment are from your own funds. Now, if you had money in a savings account that you put into checking for the down payment etc, they might want to see those statements also.

Now, to answer your question. They want to see ALL PAGES. If the statement says 1 of 5, then send them copies of all 5 pages, even if the last page is a chance to win a prize. Send it all to them. BUT. Only send them the bank statements that they asked for. If they want savings, fine, send them savings, if checking then checking, If you have a "slush fund" account, don't send that to them unless they ask for it.

Charles

P.S.

J...... the lender that your friends are dealing with is just making weird requests. They have to live with it, because we all do more for co-operative clients, but GEEZ, I wonder why he is asking for all that detail.