When applying for a mortgage how far back do you have to document large deposits into your accounts?

Over the past few years I got pretty lucky, I received inheritances from both of my parents and both sets of grandparents. I have had several very large deposits into my savings account. The last of these deposits was over two years ago. And, under normal circumstances, I know lenders ask for bank statements for the last 3 to 12 months.

However, in my case I opted to have a Passbook Savings account. The main reason being that I am paranoid about fraud and at my savings banks, electronic debits, internet transfers and internet access are not allowed for Passbook accounts. And the book has to be presented whenever you withdraw money.

My passbooks contain transactions for over ten years. Large deposits were made several times over that ten year period although none within the last two years. So, if the lender asks me will they want to see all of the pages in the passbook or just the last year or so. If they notice any large deposits from several years ago will they as for the source? Can I get a printout from the bank instead with a specific date range to avoid the lender seeing all of my prior deposits?

Thanks.
(0) | asked by: Mark Anthony | share | 1 month ago | Report
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answer by Mark A. Marcus    |   Visit My Website   |   Contact Me
HI yes with Passbook accounts you can get a transaction history covering the most recent 60 days printed out from the bank. Make sure to have the banker do the following 1. Sign the document 2. Date the document 3. Leave a Name 4. Put down Title: eg Personal Banker and 5. A Contact number 6. have each page stamped with the bank stamp. The bank will accept this in lieu of the full passbook. The other option would be to transfer the amount you want to verify into a checking account and make sure you have 2 statements with no large deposits and you are good to go. Let me know if you need anything else. Thank you Mark
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Your lender will only require the previous two months of bank statements. Since you have a passbook account, your bank should be able to generate an official printout showing the previous two months. Generally, a written passbook account is not acceptable. Haven't seen those in years!
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answer by Harjeet Bhatti    |   Visit My Website   |   Contact Me
You need to provide 2 month banks statements where from the funds are coming for down payment.
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answer by Joseph Carrier    |   Visit My Website   |   Contact Me
Yes usually 60 days to 90 days will be fine depending on the lender. As long as you can write a good letter of explanation to the underwriters if necessary explaining you should be fine
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The look-back period for assets is two months bank statements. If you provide more information than that, the lender can ask what the large deposits are from and will have you document. Please click on "contact me" if you would like more information or if I can help you in any way. Have a good day! Patty Harrison Smart Mortgage
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answer by Greg Vanden Brook    |   Visit My Website   |   Contact Me
My experience has been last 60 days worth of statements. I've never had any bank require more than that.
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answer by Wendy Poveda    |   Contact Me
Often a mortgage lender will require the most recent three months of bank statements. You want to be sure not to have any unusual activity on your bank ... they generally verify any type unusual deposit coming from other sources than income. So if you do not plan on closing for another 30 days, the bank may ask for the 90 statement right up to closing. Hopefully this helps. Real Estate Agent, not a mortgage Lender. However this is what I typically see...
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