Verification of Deposit (VOD)

---

The lender will also contact the financial institution where you keep your savings to confirm that you have enough money to cover your down payment, closing costs and possibly one or two months of mortgage payments. Your financial institution will be asked to confirm your savings balance by providing a document called a Verification of Deposit (VOD).

You must have at least 3% to 5% of your own funds for the down payment, sufficient funds to close the loan and generally two months’ reserves of principal, interest, taxes and insurance (PITI). All funds must have been on deposit for 60 to 90 days.

If you do not keep your savings in a financial institution, you should talk to your loan officer or counselor for advice. But, in most cases, it is recommended that you open a savings account with a financial institution as soon as possible.

Your lender will ask you whether any gift funds were received. If yes, the lender must verify that the funds were taken from the donor and passed on to you, usually via deposit slips. A copy of the gift letter must be in the loan file.