A complete record of all transactions in the account(s) where your down payment funds are held.
Why do we need it?
This is a federal Anti-Money Laundering (AML) requirement. Lenders must verify that the down payment funds are yours and have not been recently deposited from an unverified source.
Key Requirements
Must cover a full 90-day period ending within 30 days of the application.
Must clearly show your name and account number.
Must show a running balance.
Any large deposits (over $2,000) that are not payroll must be explained and documented.
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