help! loan officer says can't use VOD instead of statements for FHA

[Anonymous]

I have overdrafts, I have been living paycheck to paycheck and got overdrawn a few times. Only for a day or two, but there it is. I had asked the loan officer to do a VOD instead of using my bank statements, because of this. She says that for FHA she is pretty sure they need bank statements, three months worth. Is this true? She said she would look into it tomorrow. She said that in a conventional loan she could do VOD, but for FHA needs statements. Keep in mind my income is needed for the loan, but she has paycheck stubs. I do NOT have any of the money for the downpayment, my fiance has that in his account. What do I do?

[Anonymous]

as far as i know (from experience) you need 3 months worth of bank statements.

[DallasLoanGuy]

didnt you say that this was a small account?

have them remove it from the application.... they can do that

[Anonymous]

So we could apply and include my income, but not my bank accounts? Because it is a small account, we aren't using it for any of the purchasing funds. But we do need my income to get the loan amount we want. I gave her all the paycheck stubs she wanted, and the 401K satements, etc. If we can get an FHA loan with my income, but not my checking account, that would be great. My name is NOT on his accounts, that isn't a problem, is it? He is going to put me on there before I move up, but I'm not listed on the previous statements. I am actually having a panic attack now.I knew the overdraft fees were killing me financially, but I don't want them to keep us from getting a house. I'm a single mom, and I live paycheck to paycheck. I could have asked my fiance for money, to cover my accounts, but I didn't want to do that at the time. Looking back, I should have.

[DallasLoanGuy]

call the loan officer tomorrow and tell them to remove that account from the application. if they balk, tell them that you closed the account and you just wouldnt feel right using it as an asset since it really is $0 balance. ;-0

THIS IS NOT A PROBLEM.

i do deals all of the time where i do not use all of the asset accounts... it makes the file easier to work with if you arent documenting things that you dont need for approval.

not a problem!!!!!!