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Bank statement and mortgage

Established Member

Bank statement and mortgage

My paycheck is deposited into he family joint account. I have a separate account that I use for "fun money" which is about 10% of each paycheck. I usually end up spending most of it so the balance is usually low in that account. Will that look bad to the underwriters and/or LO? The joint account is built up fairly well.

I am assuming they will be able to tell where the rest of the paycheck is. Will I need a letter explaining the transfers?
Message 1 of 7
6 REPLIES
Established Member

Re: Bank statement and mortgage

Sorry...duplicate entry. My computer froze while this post was sending and I didn't think it went through.
Message 2 of 7
Valued Contributor

Re: Bank statement and mortgage


tkmom wrote:
My paycheck is deposited into he family joint account. I have a separate account that I use for "fun money" which is about 10% of each paycheck. I usually end up spending most of it so the balance is usually low in that account. Will that look bad to the underwriters and/or LO? The joint account is built up fairly well.

I am assuming they will be able to tell where the rest of the paycheck is. Will I need a letter explaining the transfers?

You will need to provide at least 2 months of bank statements and yeah I would use those since that is where part of your income goes.....shouldnt be a problem as long as there are not any random deposits or OD charges....and at most you may need some LOEs 

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Message 3 of 7
Moderator Emeritus

Re: Bank statement and mortgage

If the transfers are over 200 bucks you might have to write a letter of explanation but you should be fine! If your funds are on a joint account you may also need a letter from the other joint account holders that it is "ok" to use those funds for the purchase of the house... Best of luck to you!!!

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Message 4 of 7
Valued Contributor

Re: Bank statement and mortgage

As long as you have money to close you should be good to go.

Message 5 of 7
Established Member

Re: Bank statement and mortgage

The other joint account holder is my husband, who will also be on the mortgage.  Will I still need a letter?!

Message 6 of 7
Valued Contributor

Re: Bank statement and mortgage


tkmom wrote:

The other joint account holder is my husband, who will also be on the mortgage.  Will I still need a letter?!


No but the are going to request statement from that account as well.

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Message 7 of 7