September 9th, 2009 10:03 PM by Eric Fang
Ingeneral, the lenders have the following requirement,one month bank statements for loans<=417k; two month bank statements for loans > 417k.
But for each loan, We spend almost one third of the time on the explanation of the large deposit to the lenders.
In order to avoid money laundry, the borrowers shouldexplain all the deposits of the amount over $5000.And the borrowers should provide the source of those funds.
WE could have the transaction more smoothly if we can prepare the assets documentation a little bit earlier.
For refi, we should prepare a clean statement with theamount of two months of PITI(Principal, Interest, Property Taxes and Insurance). Don't transfer the money back and forthif you plan to refi.
For purchase, we need to have the amount of down payment plus two months of PITI. If you plan to get the month from relatives, please do it two months ahead of time, otherwise the gift letter is need. If you have the down paymentin several accounts, please tranfer the money after thedocuments submitted to the lenders. Otherwise, the loan agent will documents all those transfers again and explain to the lender.