Home Buying in 21244>Question Details

chauncey_jj, Home Buyer in 21201

do underwriters check on a bank accounts or just the one that is being used fir down payment and closing cost?

Asked by chauncey_jj, 21201 Tue Aug 6, 2013

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UW check on the accounts you provide. If what you provide is enough to cover the funds needed and reserves than nothing else will be required. Talk to your loan officer about the amount needed with a cushion and then provide what is required. Hope this helps and let us know any follow up.

Thank You,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
1 vote Thank Flag Link Tue Aug 6, 2013
Hello Chauncy,

It is not necessary to show all bank accounts when applying for a loan.

What you do have to show is that you have sufficient reserves after you close (some programs call for 0-6 months reserves - reserves are Principle, Interest, Taxes and insurance payments + any minimum monthly payments on your current credit obligations). Ask how much reserves funds are required for the loan program that you are applying for.

For most loan programs, you also have to show additional bank account statements if the main account you are using for assets shows transfers between that account and another account.

If your bank statement shows large cash deposits - these will have to be explained as the source of cash used to purchase a home in the U.S. must be fully sourced and documented. You may have to show another one of your accounts if you took cash out of that account and then deposited into your main account to demonstrate where the cash came from.

The account that you write the earnest money deposit check for your deposit submitted with your contract must be shown.

I hope this helps! If you would like to see how much you are approved for for your new home, I would love to help!

Sincerely,

Catherine Purcell
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
cell 202 573-6035
catherinep@fairwaymc.com
0 votes Thank Flag Link Tue Aug 6, 2013
This truly depends on what kind of transaction is occurring. If you are involved in a purchase your primary bank account in which all the payments will be funded may be sufficient. In other types of transactions such as refinances, underwriters and lenders may want to look at your reserves, so other bank accounts. Also, it may be to your advantage to show all bank accounts to prove that you have sufficient funding for whatever loan you are applying for.

I hope this helps! If you have any more questions about lending or if you need a loan, feel free to contact me through the information on my profile page!

Good Luck!
0 votes Thank Flag Link Tue Aug 6, 2013
I cannot answer for all,
I doubt that they have the juice to search all Banks, to see if you have other accounts.
But, I think this becomes a silly question when you think that you are applying for a loan, a loan that you evidently need.
Why wouldn't you give them all then positive information that you could?
It would help to get approval for the loan,
it would help to get a lower interest rate.
Or, are those other accounts used for the Money Landering?
0 votes Thank Flag Link Tue Aug 6, 2013
You can get a house with any proof to get you approved. However, banks would want to see your assets in order to assessed their risks.
Flag Thu Apr 3, 2014
Thanks Ron I didn't think of it that way I have always s=been a private person about my money so this is new territory for me. I agree with you that showing more money will help
Flag Tue Aug 6, 2013
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