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Proof of income for down payment

I have a side job that got paid off the book and now I am going to get a $20,000 check as commission. I am planning to put that money toward my down payment for a co-op unit I am going to purchase. What proof do I need to show? I mean since this is a pay check from an employer then I do not need to get a gift letter? Am I right? Also for my side job I have money save aside for a while. Can I deposit that money to my bank now and use it for down payment as well? or should I deposit a small amount each time so it won't look so suspected? My schedule is a little tight that the closing time is around Feb. 2011(2 months from now) and I still need about $50,000 in my bank for the down payment.... please help to make sure I can get the mortgage apprvoal~ thanks in advace.
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December 27 2010 - Queens
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Proof of income and verification of assets are two distinct topics. Have you already begun a loan application? If you have, ask your Lender or Broker to get feedback from an underwriter to learn how they want to verify both your income and assets. 
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December 29 2010
My advice is to ask the person who does your taxes what would be best (especially come tax time). The bank will want to know where this money is coming from and if it is your side job, you will need to provide proof. 
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December 29 2010
Documentation will probably be required by the underwriter as to the source of the money.  Keep copies of paystubs and bank statements showing the transfers.  Address these issues with your loan officer ASAP to avoid unneccesary delays.
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December 27 2010
 
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