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Updated about 5 years ago on . Most recent reply

User Stats

59
Posts
11
Votes
Jia Liu
  • New to Real Estate
  • Orlando, FL
11
Votes |
59
Posts

Down payment account seasoning

Jia Liu
  • New to Real Estate
  • Orlando, FL
Posted

Hey everyone,

I have my down payment currently sitting in my savings account with Bank X for more than a year now. When I take out a loan, I plan to pay with my checking account with Bank Y. The question is do I need to transfer my money from my savings account in Bank X to my checking account in Bank Y to sit for two months there to be considered seasoned?

Thanks!

  • Jia Liu
  • Most Popular Reply

    User Stats

    2,778
    Posts
    1,849
    Votes
    Mike McCarthy
    • Investor
    • Philadelphia, PA
    1,849
    Votes |
    2,778
    Posts
    Mike McCarthy
    • Investor
    • Philadelphia, PA
    Replied

    @Jia Liu nope. Once you prove you have the $$ for the down payment and it goes through underwriting, the bank won’t care where the actual check/wire comes from. You could wire it from a completely different account and no one would care. (Legal sources of course) :)

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