Home Buying Requirements in San Antonio

Understanding home buying requirements in San Antonio can be tricky. You probably opened your first bank account in high school when you got your first part-time/full-time job; perhaps your parents made you open it to teach you responsibility over your money and so you can keep track on your spending.  If you are old enough, you received a paper check and had to physically go to the bank with a deposit slip to deposit it. If you are like me, you started off filling in the ledger but, over time and with the advent of the internet, made that somewhat obsolete.   Now everything is digital, direct deposit, scheduling bills to be paid from your smartphone, swiping your bank card at the checkout and monitoring your account balance in real time via text messages; be alert of fraud and identity theft.

Some Home Buying Requirements in San Antonio:

You will need to provide a minimum of 2 months of checking and savings account bank statements.  This is to show you have deposits and a positive balance in each.  One of the biggest pitfalls home buyers in San Antonio face, is transferring money from checking to savings back to checking.  The misconception is to pay a big bill (car/rent/student loans/etc…) to move a portion of the amount to their savings account and when the bill is due, move it back to checking.  This is not advantageous, it actually hinders the process.  With each transfer, it’s the same as depositing cash and that has to be sourced.

Do’s and Don’ts surrounding Home Buying Requirements in San Antonio

When married couple have accounts in 2 separate banks, either joint or individual.  They may go to the ATM to withdrawal cash from one account to make a deposit in another account to pay a bill.  It may seem reasonable and efficient but it does not make a home buying process in San Antonio smooth.

The best way to handle this situation where a couple has separate accounts is to:

  1. Write a check to deposit in the other account
  2. Set up a joint account where the bills are paid
  3. Have your paycheck partially direct deposit in each account

Making minor changes to pay your monthly bills will make the process of buying a home in San Antonio less stressful and time consuming for you to provide proof of funds.

When trying to meet the home buying requirements in San Antonio and applying for a mortgage you must be careful of any cash deposits into your account.

Cash Deposits are Red Flags . . . Why?

Because the money has unknown origins.  When this occurs, the account where the funds originated must be produced. The borrower must produce the 3rd party account statement and a letter of explanation for each occurrence. You can see how this may be problematic.  This goes the same for a person who borrowed money from you and paid you back, do not deposit the money.   Give your account a break and live on the repaid cash.

If you have a question on checking/savings deposits when applying for a loan, please don’t hesitate to contact Gold Financial Services.

Speak with Mortgage Loan Officer – Brian Chunn /NMLS#1435223; Office (210) 366-1070 x 196, Mobile 210-274-6296 or email bchunn@goldfinancial.com

(Written by Brian Chunn )

Contact me via email ray.mccurty@gmail.com or call #210-850-0083 if you are looking for a Realtor to help you BUY or Sell a home in San Antonio Texas, Windcrest or surrounding areas.

(Please reply to this blog post under comments if you have any thoughts to add to the discussion.)

Thank you,

Ray McCurty

By |2018-03-02T14:27:59+00:00February 4th, 2017|lender, Mortgage Rates, Residential|0 Comments

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