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I remember back in 1999 when we applied for our mortgage, we supplied our bank statements and I think they went back 6 months. How far back do they require now for a mortgage?
(FHA loan)
Thanks everyone.
Tax Returns: Usually the last 2 years but if you are self employed and the income fluctuates, be prepared for 3 years.
Bank Statements: All pages (even the reconciliation page) are required but if you are proving your business pays a debt and or if another person pays something, they will want 12 months. FYI.
Deposits on bank statements: Be prepared to explain deposits other than payroll. Copy of check and a letter of explanation required.
Most things come in two, unless you have an odd situation. 2 bank statements, 2 paycheck stubs, 2 years w2's, 2 years tax returns. If you have anomalies, be prepared to explain further and provide further documentation.
I think the best way to put it is there is a minimum of 60 days, but several reasons can call additional statements. Reasons include - verification of earnest money clearing, transfers from other accounts into the statements you provided, suspicion of an undisclosed debt, verification of income (support/alimony).
The hardest lesson prospective borrowers learn is every document they turn in can trigger a requirement for another document or explanation.
how far back can a mortgage company request on your credit?
Negative info generally stays on your credit for 7 years. Bankrupcy stays on your credit report for 10 years I believe.
Closed tradelines also generally disapear after 7 yeas as well.
If you are going to apply for a mortgage go to annualcreditreport.com and check your credit before the mortgage company does. This will eliminate suprises and give you a chance to correct any wrong information.
I closed on a new home about a week ago and here's what mortgage company asked for my fixed conventional loan:
Most recent 2 months bank statement from where my down payment will come at the closing [ALL PAGES of a statement]
Last 2 years W2
Last 2 paystubs
Last 2 years Tax Copy (They also ordered transcript for 3 years to IRS to verify I am not reporting anything different than what IRS shows.)
I filed an application 33 days before closing date and my loan was locked for 30 days. [My mortgage company allowed 10 days lock extension for no fee.] We closed after 37 days and did not had to re-submit any of the above documents.
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