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We spoke with the loan people today and they said we would have to show the money for the down payment had been “aged” for 2 months.

What I got from this is we have to have a paper trail showing that the money sat in an account for 2 months without being touched? Is that correct?

If thats true.

Does anyone know if you moved it from one savings to another if that doesn’t count? Or as long as you can show the transfer on paper it can still count as aged money?

3 Thoughts on Aged Money for Down payment on mortgage?
  1. Reply
    Bart M
    February 4, 2014 at 9:03 am

    Dis cuss this with the loan officer. They simply don’t want you to have borrowed these funds from somewhere else.

  2. Reply
    mister ed
    February 4, 2014 at 10:01 am

    no problem between accounts that you have — they just do not want to see where your father in law gave you 10K and expects it back right after you sign the paper work!!!

  3. Reply
    February 4, 2014 at 10:53 am

    As long as the accounts are yours, it should be acceptable. The bank wants to see that the money is yours and has been for some period of time.

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