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
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.