Will I have to provide you will updated income and asset documentation?

Maybe. It will ultimately depend on how long it takes for you to close on your loan.

Income and asset items like pay stubs and bank statements get stale after 120 days. While that is certainly enough time to get your loan approved, delays in the planning and budgeting of the project can delay the ordering of the appraisal and thus ability to close within that time frame. So if the pay stubs or bank statements get older than 120 days by the time you close, be prepared to update the lender before you can close.

If you have to update your bank statements, remember that “large deposits” that are not payroll related need to be sourced. So be sure to limit any deposits or transfers into your accounts and be prepared to source them if you have to update bank statements.

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