Hi everyone,
I am planning to refinance my home to an FHA, (Cash out) mortgage. I know FHA requires bank statements. I am planning to furnish July and August bank statements.
Here is my concern: My account has been overdrawn at least once during that period, maybe twice.
Is this going to be a problem?
This is the first time in over 2 years that the account has been overdrawn. Both times for the same reason. I sometime use personal checks to pay one particular out-of-state vendor for some business supplies. These guys sometime hold the checks for over a month and it is hard to keep up with as cash flow is like a roller coaster. Well, it finally bit me on the butt!
I have plenty of cash moving through the account and all is good. I am making plenty of money. I just mis-managed things this time around and naturally, it caught up to me when I need it the most. I just hope someone out there can tell me if this is going to be a problem with FHA, and if so, are there any ways around it?
If not, I will have to look at other loan options or perhaps move the closing back and furnish September and October statements. Please tell me that 2 months statements is all that is required!
Please Help! Any and all info and advice is appreciated!
-D
