Assets TIP - Do not move money around without tracking it!
A major pitfall that may occur is transferring of money between accounts once a loan is in processing. Borrowers may have several checking or savings accounts but moving money around without tracing the transaction may cause a loan underwriter to not allow some of those funds to be used. It is critical to get statements from both the account money is coming from and the account money is going into prior to moving funds and after depositing the funds. If you are getting a gift to help with closing or down payment the same process of transfer tracking should be followed, including getting the statements from the person giving the gift.