what are lenders looking for in your checking and savings accounts when you are buying a home? if whatever they are looking for doesnt make them happy, what do they do..jack up the interest rate ?
They are looking to see that you have a track record of making regular deposits (payroll). They are also looking to see that you have enough money in reserve to make several mortgage payments, in addition to the downpayment and closing cost money. Some also look to see if you bounce checks.
Also, if you're planning to borrow money from anyone for down payment or closing, it needs to be in your checking for 60 days or 2 bank statement cycles so it doesn't appear to be a loan.
also, what about this? my wife has horrible credit, and hasnt had a job in years..i dont want her on my loan app should I ever apply for a home..because it would be disasterous..I understand she'd still get half and all that because im in TX..a community property state..thats only fair..im cool with that..but what does this mean? A co-borrower may be required under the following circumstances: "If another person will be jointly obligated with the borrower on the loan If the borrower is relying on the income or assets of another person as a basis for the repayment of the loan If the borrower is married and resides in, or the property is located in a community property state (AZ, CA, ID, LA, NV, NM, TX, WA) A co-borrower may not be required in a community property state if the property is the borrower's sole and separate property. " Does it mean she has to be on the loan anyway? she'd be living there with me and the kiddos.
Since you are in a CP state, they may want to pull her cr to check for judgments and liens. That's what happened to us.
