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What are eligible deposits on a bank statement loan?
Eligible deposits are the deposits on a borrower's bank statements that can be counted toward qualifying income on a bank statement loan, under the program's guidelines. Deposits that don't represent income, such as transfers between the borrower's own accounts or loan proceeds, are identified and excluded before income is calculated.
Bank statements capture every dollar that moves through an account, and not all of it is earnings. Separating eligible from ineligible deposits is the first step of any bank statement income calculation, and it's where many conditions on these files come from.
Unusually large deposits, cash deposits and deposits that don't match the account's normal pattern may need an explanation or documentation before they count. What's eligible varies by program.
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