Purchasing MO and explanation
Apr 11, 2017 | 9:05 pm
#1
Original Poster
Join Date: Feb 2014
Location: Hotlanta
Programs: Delta DM .5mm
Posts: 214
Purchasing MO and explanation
I am purchasing a new home and my lender wanted me to upload 2 months of bank statements. Just curious of anyone's explanation of multiple $999 deposits? Also had to sign something regarding no deposit totaling more the 50% of income but up to underwriters review. Any help appreciated.
Apr 12, 2017 | 11:29 am
#7
Suspended
Join Date: Aug 2010
Location: DCA
Programs: UA US CO AA DL FL
Posts: 50,253
If you can find a loan originator willing to exempt some small accounts, all the better. But, for the most part, Underwriting will have the list of accounts and will be looking for statements or an explanation for why any statements are missing.
For what it's worth, as others note, don't lie. If you are asked, tell the truth. If you aren't asked, there is nothing to answer.
Apr 12, 2017 | 7:09 pm
#9
Join Date: Oct 2014
Posts: 827
Apr 12, 2017 | 10:01 pm
#10
Original Poster
Join Date: Feb 2014
Location: Hotlanta
Programs: Delta DM .5mm
Posts: 214
Yeah, I wasn't planning on lying and I use all 5 of my checking accounts for MS. They do only need the statements from where the down payment is coming from. If they ask I will tell them the truth and did up all my receipts to prove myself if necessary.
Apr 13, 2017 | 5:12 pm
#11
Join Date: Aug 2010
Location: CLT
Programs: AA, AS, UA, BA, Hilton Diamond, Marriott Gold, IHG Platinum
Posts: 2,075
I had this issue long ago with a mortgage. I had used my main account for some MO activity, and I had the CC purchase receipts and the MO purchase receipts to tie everything from point A to point D 
. Long story short, they disallowed all of that "income," reducing eligible balance towards down payment of the account in question by the sum of the MOs. Expect issues if you don't have sufficient funds with the MO amounts removed. They view them as undocumented income.
. Long story short, they disallowed all of that "income," reducing eligible balance towards down payment of the account in question by the sum of the MOs. Expect issues if you don't have sufficient funds with the MO amounts removed. They view them as undocumented income.
Apr 14, 2017 | 4:59 am
#12
Join Date: Jun 2001
Posts: 803
Give them brokerage statements if you have one. Who keep the amount of a down payment for a house sitting idle in a bank account?