I am currently under contract, set to close on the 30th. I am doing a 15 year convential loan through everbank at 3% with 20% down. I have 2 bank accounts, one that I recently closed, it was with BOA and they are crazy with the updrafts. This account I dont have any of the downpayment in, do I still need to show it. Oh and has anyone have heard of Everbank? I could go local but they gave me good rates.
I have never heard of Everbank, but with regards to your overdraft question, you need about two statements that are clear of overdrafts. If at no point did the BofA account hold any of your downpayment money you don't need to show them this account.
I have heard of Everbank. They are in the (Kroger) supermarkets here in GA. Don't know anything about them or their services though.
That is what the loan officer told me, but I know that some banks want all that information, not just some. It would not be an issue if some of my check was going to the account and it was on my check stub along with the other bank as well. My loan officer said they just want to see 2 months of those statements but the underwriter may change is mind. The account is recently closed. It will reflect on my next checkstub.
it all depends my wife lost her job while we were under contract and caused us to overdraft all we needed to do was get our bank to write a letter saying that its not a common occurrence and the underwriter never asked anything else about it