If you’ve managed to save your down payment on your own, first- CONGRATULATIONS. You rock.
We’ll need to show a recent 90 day transaction history of the account(s) that your money is saved in. We’ll also be required to show proof of the source of any large deposits to your account(s). We’re not trying to be snoopy and we’re not checking to see how or where you spend your money. It’s because we have to comply with anti-money laundering laws that are in place. We’re also required to make sure that the money is not from a loan or line of credit that was taken out that might not yet be reporting to the credit bureau. It can take up to three months for a new loan to show up and additional payments could change what someone qualifies for, so we need to be sure that we have accounted for everything.