90 days history
When it comes time to purchase a home, where you keep your down payment matters, a lot. Federal regulations around anti-money laundering laws require your mortgage broker or mortgage specialists to gather three months/90 days history from the bank account your down payment is coming from or has flowed through. What this means is, if you have moved money around in the last 90 days before having an accepted offer, be prepared to gather a paper trail of bank statements for each account your money has been transferred or withdrawn form. It's important the bank statements are full, PDF statements with no blacked out information, pages missing or a section of a page missing. Once one of those actions have been done, it is now considered an edited documents and because of anti-money laundering laws, the lender can no longer accept it. Lenders are also looking for any large, unusual lumpsums of money being deposited or withdrawn from your accounts. Each lender is different but usually debits and credits over ($xxxx) will raise red flags and might require an explanation or proof of source.
These anti-money laundering laws are in place for very valid reasons; however, it can leave clients feeling annoyed and exposed. We get that. We don't like having to ask for them either. Just know we are following protocol and aren't looking at how many times you stop for Timmies in a week!