Possible dealbreaker

Anonymous · ‎10-06-2015

Well, loan officer didn't accept my bank statement printouts due to them not having my name, just account number. Now I have to resubmit balances and statements.
I no longer have the 2k required for the loan, my mortgage broker said I didn't need to keep it in there long, just to get the printout. 600 of it is already in the house I have a contract with.
So am I going to have to come up with another 2k? Waiting to hear back from the broker, I am completely heartbroken and nervous.

StartingOver10 · ‎10-06-2015

@Anonymous wrote:
Well, loan officer didn't accept my bank statement printouts due to them not having my name, just account number. Now I have to resubmit balances and statements.
I no longer have the 2k required for the loan, my mortgage broker said I didn't need to keep it in there long, just to get the printout. 600 of it is already in the house I have a contract with.
So am I going to have to come up with another 2k? Waiting to hear back from the broker, I am completely heartbroken and nervous.

What do you mean that $600 of it is already in the house? Do you mean you put up a $600 deposit in escrow for your Earnest Money Deposit? That is fine. It is normal to have an EMD (in fact required) and the lender will count the funds you have in escrow as part of your assets. You don't need to come up with another $2k if you have $600 in escrow and $1400 in your account.

Or did you spend all the funds on something else? That is a different matter.

As to the lennder not accepting bank statement printouts - no, none of them accept just a printout. You have to download your actual bank statements - all the pages, including any that are labeled "This page intentionally left blank".

Anonymous · ‎10-06-2015

100 is earnest money, 475 is appraisal.
When going for the loan, I was told I needed 1k for all the costs (which I had before earnest and appraisal.) (Now I have 500+. )But I had to show a balance of 2k which I did. I was told I didn't need to keep the whole 2k in there(paid bills).

StartingOver10 · ‎10-06-2015

But your bank statement is going to show you had $2k in the account as of the date you were to have supplied actual bank statements and not print out's right?

The $475 is also counted toward your cash to close. You will see a corresponding credit on your closing statement.

Provide the statements requested andd discuss with your LO. If the LO needs the $2k there during the entire process, better you should know now.

Anonymous · ‎10-06-2015

I believe so yes although I don't know what the ending balance will say. I have had 2k in there quite a few times but doesn't stay in there due to bills. can get last 2 months statements but My bank cannot give me the Sep15-Oct. 15 statement until 10/15. Which is what I need most. Their printouts are useless since it has no name.
I called my mortgage broker yesterday and emailed him today to ask if I needed the 2k, but haven't heard back yet.
Thank you for replying, at least having some info eases my mind quite a bit.

StartingOver10 · ‎10-06-2015

Supply the last 2 months statements. The lender will know that you can't supply a statement that hasn't dropped yet (the 10/15 date). It is normal to start your file with what is currently available and then to add to it as it becomes available. Updating bank statements and paystubs is normal in a mortgage application.

Anonymous · ‎10-06-2015

Thank you very much, will do.

Anonymous · ‎10-06-2015

So far loan officer said I will have to show 1425 in bank, but he is consulting with the loan officer processing my loan. Praying for a miracle right now

StartingOver10 · ‎10-07-2015

Speak to your LO about adding to your funds. Some common ways people beef up their funds include:

borrow from 401k
gift from family member (this has to follow a specified procedure, so ask you LO for the procedure so the funds count)
selling something around the house (again, ask LO for proper procedure to make sure the funds are allowable)

Another way is to let your paychecks accumulate in your account and don't touch the funds. Use family 'gift funds' to pay your current bills instead if that is a possiblity.

Anonymous · ‎10-07-2015

When he calls back I will ask him proper way to do. My ex fiance is possibly willing to gift if needed. After my next paycheck I am only short 2-300 dollars, so I am in better shape than I originally thought. All depends if I can get the balance needed to work with ending statement dates.
I just don't want to give the underwriters any reason to deny my loan. This is very nerve wracking to say the least.