Lenders check for the following information when analyzing your bank statements to evaluate whether they can approve you for a loan:

  • The account balance is positive.
  • Overdrafts are rare.
  • Deposits of monthly earnings
  • Enough funds to cover at least a 20% down payment (10 percent down requires a 660 minimum credit score)
  • Enough funds to cover several months’ mortgage payments as well as closing costs
  • When your income was deposited into your account (usually, they want the money to be seasoned, which means it wasn’t all deposited right before you applied for your loan)