Mortgage Loans

[tkmom]

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?

[tkmom]

Sorry...duplicate entry. My computer froze while this post was sending and I didn't think it went through.

[beb86]

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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?

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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 

[webhopper]

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!!!

[tooleman694]

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

[tkmom]

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

[beb86]

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tkmom wrote:

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

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