What about transfers into my account from another account?
If the transfers are from another account that you own, we can use it by documenting 60 days of history including deposits on the transfer account. A joint account held with someone else can be acceptable as well, with a letter from the joint holder that use of the funds is acceptable to them.
If the transfers are from an account that is not in your name, these transfers are usually not acceptable unless it is a gift from a relative or family member. Ask us about the additional documentation that is needed for gifts.
Learn more: Asset Related Questions
- Can I use cash deposits?
- Can I take a cash advance on my credit card?
- Can I deposit checks from sources other than my payroll check into my account?
- What about transfers into my account from another account?
- What do I do if I have already received money in my account?
- What other things does the lender look for on account statements?
- When do I need to have my down payment?
- What is required for gift documentation?
- My agent is writing my offer this afternoon and I forgot my checkbook. Can my girlfriend (or mom or brother or friend) write the earnest money check for me and I can pay them back?
- I don’t have enough money in my account for my earnest money. Can I write a check from my credit card account?
- Will my earnest money count toward my down payment?
- Do I always get my earnest money back if I don’t purchase the home?
- What other expenses will I have to incur in addition to what is on the closing cost estimates provided by my loan originator?