How in-depth will mortgage lenders go...
...into bank statements? My fiance and I are purchasing our first home, rather, I should say SHE is buying our first home. As a result of bad decisions with credit cards about 5 years ago and my slow ability to repay back those credit cards, my credit score is garbage. She applied for a pre-approval through Bank of America and was pre-approved for $350,000. We found a home we love, placed a bid, it was accepted, and now begins the loan approval process. They are requestiong copies of two moths worth of Bank Statements. In order to pay rent, bills, and other living expenses, I am constantly transferring money into my Fiance's accounts to help pay bills as well as for items related to our upcoming wedding. Also, in order to contribute to the downpayment, I sold a guitar of mine on craigslist for $4,700 and put that into our savings account. Our concern is that Bank of America is going to look at all of my deposits and begin to question why I'm putting money into her accounts, and where that money is coming from. I'd really hate to be the reason that this loan won't be approved, and I'd pretty much hate myself a whole lot if I am the reason we can't obtain this home.
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