Selling Guide

Published December 16, 2020

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What is the allowable age for credit documentation?

Allowable Age of Credit Documents

Credit documents include credit reports and employment, income, and asset documentation. For all mortgage loans (existing and new construction), the credit documents must be no more than four months old on the note date. When consecutive credit documents are in the loan file, the most recent document is used to determine whether it meets the age requirement. For example, when two consecutive monthly bank statements are used to verify a depository asset, the date of the most recent statement must be no more than four months old on the note date. If the credit documents are older than allowed, the lender must update them. For age requirements related to appraisals, see B4-1.2-02, Appraisal Age and Use Requirements. Also see B2-3-05, Properties Affected by a Disaster for exceptions to the allowable age of credit documents for loans impacted by a natural disaster.

For additional information, see B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns.

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