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@Warrior2000 wrote:
How strict are lenders with overdrafts on statements? I moved money to savings account and account went negative after automatic payments went thru
If this is a one time thing than a letter of explanation should work.
We recently got a loan approval for someone who had late payments in the past 12 months as well as 9 insufficient funds fees & 11 returned check fees all within the past 2 months. I had my doubts, and was a little surprised (but relieved) when we got the approval.
I'd be prepared with an LOE.
@ShanetheMortgageMan wrote:We recently got a loan approval for someone who had late payments in the past 12 months as well as 9 insufficient funds fees & 11 returned check fees all within the past 2 months. I had my doubts, and was a little surprised (but relieved) when we got the approval.
I'd be prepared with an LOE.
Shane,
I have a couple/few of the same issue over the past 2-3 years. No baddies on my credit otherwise, so will an LOE be required for these/each instance(s)?
Thanks.
Only 2 months of bank statements are needed, so if your NSF's are from over 2 months ago then it wouldn't even be brought up.
@ShanetheMortgageMan wrote:Only 2 months of bank statements are needed, so if your NSF's are from over 2 months ago then it wouldn't even be brought up.
Great news! Thanks Shane.