NSF on Bank Statement - Stupid Mistake! Will it Affect My Chances?

[twoaklawn]

I'm so angry at myself right now. Two of my monthly payments, a Chase MasterCard and an installment loan, are automatically deducted from my checking account the same day each month, which coincides with my middle of the month direct deposit from my employer.  In January my employer moved our payday forward one day (every other Friday instead of Thursday).  I completely forgot to get the dates changed on these two accounts, so these payments hit one day before my direct deposit resulting in two overdrafts on my account.  They were covered by my overdraft protection and my direct deposit hit the next day bringing my checking account back to a positive balance.  How much adverse impact would this have to a LO looking at my checking account statements?  I won't be applying for a mortgage probably until May or June.  How many months statements do they usually request?  I will be an FHA borrower.

Thanks,

Terry

[Anonymous]

Pretty sure two bank statements is standard, unless you're really borderline and trying to qualify with little credit.

[Anonymous]

2 is the norm unless it has to do with sourcing down payment monies.

All you have to do is tell the LO the situation and let him/her know that if they need bank statements going back that far to request VOD(verification of deposits) from the bank, not statements.  Some people do this anyways because they prefer not to release any more personal infor then necessary (i.e spending habits, etc...)  A VOD in most cases will suffice.  The only down side is that you can not do it retro.  Once theUW sees bank statements, you can't "pull" them and re-submit VOD.

In any case, I think this situation would be covered by a letter of explanation and at worse case, a letter from your payroll or supervisor explaining that payroll had been moved back a day.

[twoaklawn]

Thanks Mickie, I was not aware of a VOD.

[fishbjc]

I had the same thing happen to me.  I wasn't even asked for an explanation as they can see that it wasn't a habitual thing.   Errors DO happen.