For loan approval, the most recent 2 months of asset accounts (checking, saving, investment, etc.) must be documented. During the approval process, these documents are used to verify funds for closing, earnest money check clearing, sufficient assets, etc.
One item of concern is the ability to document the source of any deposit. Most bank statements typically consist of payroll deposits which are easily verified and sourced with pay stubs. When miscellaneous deposits are made, documentation must also be provided to source those funds. Cash deposits are generally not acceptable and may create issues. Occasionally, you may need to deposit something out of the ordinary such as gifts, business reimbursements, tax refunds, etc. Should this happen during your loan process, please call us to discuss the proper documentation requirements for sourcing those funds.