BarryMcKociner

Please burn your bet slip, or slips for that matter

Please burn your bet slip, or slips for that matter

Please burn your bet slip, or slips for that matter

Please burn your bet slip, or slips for that matter

Quote Originally Posted by HinduKushOG:

This guy hits everydayyy woo give another one bruvvv 

What's the record over the last week?

They are only looking to source CASH withdrawals- if its a withdrawal from a merchant, that won't even be questioned....well, let me say it SHOULDNT, but they can do whatever they want.  For cash withdrawals, just say you take out a certain amount of cash to control your spending- if they ask for a certain occasion, just say you used it to pay for rent, electric, cable, cell phone...etc.  They are way more worried about withdrawals than deposits.  Deposits are good, withdrawals are not good.  Be smart about it and good luck. 

Is your wife/GF going to be on the mortgage also?  You may be able to get away with hers or your own account statements if you don't want to show large deposits/withdrawals.  You only need to show the deposit account where the money has been for the last 60 days- so essentially they want to know if the money is gifted or whatnot.  You can use gift funds to get away from this if your lender permits.

Explaining 1k is pretty easy, explaining 6k is a whole other story.  The best thing I could think of off the top of my head is that you sold a boat, car, something worth some kind of money- jewelry etc...

 I'm a banker/mortgage LO and being reported has nothing to do with this- no banker is going to report someone for large withdrawals or deposits, not worth our time and we really don't even care.  The Underwriter is the one who will question the withdrawals - they require the last 60 days to ensure you have the downpayment money for the home purchase.  Questions will get raised with that amount of withdrawal- anything over $500 and you are going to have to write an explanation or letter.  Same goes for deposits- 1k I believe on deposits.  You WILL run into an issue, trust me. Make sure your LO writes a really good letter, obviously not saying its for gambling.