01-31-2013 12:32 PM
I am going in tom. to bring paperwork in for our preapproval on my bank statements there are a couple days in the 3 months that we had a negitive amount in our account but we have no NSF. Do they look that closely at the bank statements that they are looking at daily account balances. Will this be a problem?
Help I am so nervous all of a sudden this got so real. The next few months are going to be torture for us.
01-31-2013 02:43 PM
When it gets to an underwriter they will probably see the negative balances and require a letter of explanation (LOE). Basically what they will need is a brief statement of why the money wasn't available at the time and what is different now. The inability to cover ones expenses prior to adding the mortgage and related homeowner expenses is going to be scrutinized but if you can show a consistent savings and reserves going forward you will be OK.