So I have obtained all documents required to submit my application except the proof of funds portion. I see that these are the requirements for proof of funds.
list of all your bank (checking and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address).
I fortunately have much more than enough in savings to qualify but the problem is my average bank account balance is low (~$1000) since the money was mostly in liquid investments. Thus, I've opened a 12 month certificate of deposit and obtained a document from Bank of America as proof. I also have monthly statements from my Fidelity 401k account which have much more than the minimum required.
1. Do I still have to provide monthly statements of my checking account since it has a low balance anyway?
2. My certificate of deposit is only ~2 months old. Will this be held against me?
3. Does anyone know if a 401k is an acceptable source of funds?
1.) I think so, because it states you need to list all accounts. So basically you have more than one, even it has less then 1k. So you need to provide a letter from the bank where it is too.
2.) I don't know about the certificate conditions, but is it fully available? Only money that can be transfered immediately counts. If it is not directly available, I think you need to explain that. Not sure if that even works then.
3.) Don't know what a 401k is :-/
hope this helps I am quite new into this too and just finished my application. So if a senior can verify this
Did you get a letter regarding POF from Bank of America? I'm trying to get one from my local branch, and they are unable to give one on a colour letterhead. Were you able to get one? Also, I couldn't get one for credit card - is that necessary? Thanks!
I am quite new into this too and just finished my application. So if a senior can verify this 