Home Buying in 45040>Question Details

Nikki080584, Home Buyer in 45040

how long do you have to have a bank account established in order to get a home loan any where?

Asked by Nikki080584, 45040 Sun Jan 31, 2010

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The only reason you need a bank account open is to show two months of bank statements and where your deposit is coming from. So at least 2 months
0 votes Thank Flag Link Sat Mar 2, 2013
Generally, when you apply for a home mortgage a lender will ask for your last 2 bankstatements. Tradelines and credit score are more important for the approval process. It's not the length of time you have had a bank account, but your debt ratio and established credit that is use to approve a buyer for a mortgage. To qualify in Ohio for an FHA loan most lenders require a 630 credit score, 2 bankstatements, last 2 years of w-2's and your last two paystubs, plus your ratios (debt to income) must meet a published standard. So, a bank account is just a small part of the picture when you are looking for a home mortgage.
0 votes Thank Flag Link Sun Jan 31, 2010
Each bank/mortgage company have different guidlines and restrictions. The best advise I can give you, is to contact a REPUTABLE BANK/MORTGAGE COMPANY and get a "cheat sheet" of what their requirments are. I have been pretty fortunate that in the areas I sell real estate (Staten Island, N.Y and Monmouth Cty N.J) There have been a few banks that are more flexable toward my clients.

Good Luck
Cathy Cataletto
0 votes Thank Flag Link Sun Jan 31, 2010
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