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I figured that I should update this thread so that it may be beneficial to anyone else experiencing a similar situation in the future.
I received my commitment letter today. The payday loans were a non-issue. Underwriter never even inquired about them. Closing is a definate and scheduled for the 31st of this month!
yeah me!
To satisfy my own curiosity and to go back to one of the things OP originally asked about... what are lenders looking for in the bank statements?? I get the NSF issue, but what else are they looking for and what could cause problems or be a red flag to a lender? I just want to makes sure I'm careful in the months leading up to applying for a mortgage.
Mainly, they are looking at your statements for:
deposits: for verfifying income..
Large withdrawls that do not match expenditures
(for example if you take out $500 every month about the same time with out a corresponding reason, they may question if there is a debt that you are not showing..Say a car payment you are paying but is not in your name or some in-house financing that does not show in credit)...
Any major red flags: NSF history, payday loans, etc. As in most things, a single NSF is not likely to kill a deal. Running your checking account down to close to zero every month and having a few NSF scattered about can... Same with payday loans, they know these are generally last resort type things and in general, someone who is needing to use a payday loan within a couple months of buying a home is not in a position to really buy a home. Of course an odd exception for an explainable emergency can be gotten around.
Perfect, thanks. It sounds like they look at bank accounts for two things: 1) verify income and debt info and 2) ensure that the person applying is financially responsible on a day-to-day basis.