So we are heading to underwriting and I have something to throw out there. I have to give two months bankstatements and a month ago I was out of town on a family emergency and forgot to transfer money from savings into checking and we got two overdraft charges in one day. We don't have any after that incident but and none prior either so I am wondering how hurtful this will be. Our credit scores are good, money in the bank is good our debt to income ratio is good, two years tax returns are perfect, everything else is in check but that bankstatment thing is scary. with everything else being good, do i need to worry? we make an excellent income and we do not live above our means but i just got sidetracked with what was going on and made an honest mistake of forgetting my transfer.
Definately a LOE will be requested. I would start writing one right now and sending that over with your applications. As a matter of fact, anything negative on your report should come with a LOE. Sames the UW the hassle of requesting one, placing your file in PFD.
During my process, bank statements were requested every other day the last week before closing. So be prepared to get those documents asap. The problem is if your statement cuts a certain day, and the lender is requesting transaction historys prior to the cut off date, this may require you going to the bank to get the print outs. My lender was very meticulous in making sure my name and account number were on the statements.
I had over drafts from poor handling of my money. The underwriter didnt care about it, I just have to explain how it happened.
bank statements turn in, lets hope it works out for us.
As long as you respond with a LOE and make a point to stress that this is an isolated incident due to being out of town, an oversight. I hope it works out for you and please let the forum know how it turned out.
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