Bank Statement

The periodic itemization of transactions that is provided by depository institutions to its clients. Many lenders will request copies of the applicant's bank statements to document existence and source of sufficient funds, as well as to provide an alternative method for documenting income. [With "limited documentation" loan program, the applicant can use the average monthly deposits for the past 12 months as his or her qualifying income.] For more information, see the "Analyzing Assets" article in the "Loan Process" section.

Was this article helpful?

0 0
Real Estate 101

Real Estate 101

This book makes it easy to not only buy a home, but figure out everything that you need to do, even get a loan. In simple and easy to understand language, it talks about where you should buy a home, what to look for in a home, how to find a home, how to get an agent, how to get a mortgage and more. This is a step by step process that you, a new home buyer, can use to purchase a home.

Get My Free Ebook

Post a comment