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Bank statements

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Warrior2000
Regular Contributor

Bank statements

How strict are lenders with overdrafts on statements? I moved money to savings account and account went negative after automatic payments went thru
Message 1 of 7
6 REPLIES 6
StartingOver10
Moderator Emerita

Re: Bank statements


@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.

Message 2 of 7
ShanetheMortgageMan
Super Contributor

Re: Bank statements

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.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 3 of 7
Warrior2000
Regular Contributor

Re: Bank statements

That feels a lot better, thanks Shane always a big help
Message 4 of 7
Anonymous
Not applicable

Re: Bank statements


@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.

Message 5 of 7
ShanetheMortgageMan
Super Contributor

Re: Bank statements

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.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 6 of 7
Anonymous
Not applicable

Re: Bank statements


@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.

Message 7 of 7
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