When you apply for a mortgage, you are required to provide statements for any bank, brokerage or retirement account that is used for any of the following purposes:
To pay your down payment
To pay losing costs
To show proof of financial reserves
If income from an account is used to qualify for the mortgage
For example, if you intend to use money in a savings or investment account to pay for your down payment, lenders typically require that you provide two months of account statements to verify your source of funds. The same guideline applies to accounts used to pay closing fees or to verify the reserves you are required to hold at closing.
Additionally, if you want to use dividend or interest income from an investment account to qualify for a mortgage, lenders require that you provide historical statements for the account. You may also be required to provide documentation that shows the income is expected to continue for multiple years.
We should also highlight that most lenders require that funds used for a down payment are "seasoned" or held in an account for at least two months before you apply for a mortgage. It is important to keep this requirement in mind if you plan on transferring funds from one account to another to pay for your down payment.
For borrowers with multiple bank, investment or retirement accounts, you are typically not required to provide statements for accounts that are not directly related to your loan application. For example, you may have an account that you do not intend to use for your down payment, closing costs, reserves or income. In this case, you are not likely to be required to provide statements for the accounts because those funds are not being used to qualify for the mortgage.
We recommend that you contact multiple lenders in the table below to confirm their mortgage document requirements, particularly if you have several accounts. Knowing the documents you are required to provide can help you get organized and prepare for the mortgage process.
Mortgage Document Requirements: https://www.fanniemae.com/content/guide/selling/b3/4.4/02.html
Review our mortgage document checklist to determine the financial, tax and employment documents you are required to provide when you submit your application