Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
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!
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
cell 202 573-6035
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!
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?