First Time Home Buyer Tip of the Week – 04/22

“Bank Accounts”

All First Time Home Buyers will have to provide at least 2 months’ worth of bank statements. ALL PAGES – even the last page that says “This Page is Left Blank Intentionally”. Why do they all do that anyway? I digress, most if not all first time home buyers will be transferring money from account to account in the months leading up to the big day. Whether it’s borrowing against a retirement account or using gift funds, all you have to do is provide 2 months of the accounts you’re transferring from. Large deposits that cannot be traced through an account statement CANNOT be used. If for example you have $1,000 in cash, we’ll call it poker winnings??? The only way to use that $1,000 is if it were deposited at least 3 months prior to purchasing a home. Just something to keep in mind…..all about planning ahead!

Matt Shymanski – 314-761-5903 - [email protected] - NMLS 1572469