Bank Statements

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  • #70754
    avant219
    Participant

    How many bank statements does naca need?

    #70756
    sneakerz4me
    Participant

    • Bank Statements – Last 90 days with all pages for all open accounts.

    (They can ask for more)

    Do you have the workbook?

    #70757
    avant219
    Participant

    I just closed my old account one month ago and now i have a different one so i would only have 30 days bank statement will that be a problem.

    #70759
    avant219
    Participant

    Also with the action plan it says explain irregular lump sum withdrawals do I have to explain every transaction i make with my debit card on my bank statement?

    #70761
    Nelsont
    Member

    You need bank statements dating back 3 to 12 months. If you closed an account in the last 3 to 12 months provide what you have as well as the account closure letter from the bank.

    Every cash transaction over $100 is a federal government requirement. Every large transaction on credit or debit cards not related to employment or housing expenses is also required.

    #70763
    relle221
    Participant

    so, I should go back over the last 12 months and do a loe for every transaction over $100. can i note it on the bank statement? or do both? and is it the same for the credit card statements?

    #70764
    avant219
    Participant

    This is where im confused so if I cash app someone 80 dollars do I have to write a letter explaining?

    #70767
    Nelsont
    Member

    You might be able to write a note on the statement but a LOE is an affidavit that needs to be signed and dated. It becomes a legal document. Your MC will actually provide a template to follow so if you just write them up and save them on your computer and they need to be reformatted it’s no big deal. Plus there might be times when you need to update the loe with new more current dates of signature.

    Also keep in mind this is to get qualified only. The requirement is to maintain this until you close on your house.

    Cashapp is actually not recommended to use at all. It’s recommended to stop the use of all app based transactions and all cash based transactions. The idea is your total financial picture needs to be as close to 100% traceable as possible. That means credit and debit cards for everything. Obviously this is not a realistic requirement which is why it’s not required. But if you must use an app make sure it’s fully traceable with the ability to print out transaction summaries from a computer with the http address as a header or footer. Screen shots are not accepted. If you must use cash make sure it’s small amounts.

    Fyi this is not a naca requirement. This is the federal government requiring banks who issue mortgage loans to follow these guidelines.

    • This reply was modified 2 years, 2 months ago by Nelsont.
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