overdraft fees

[Jess21]

So I just realized while goign through my bank statement that I have had 2 overdraft fees issued this year and one of them was only 2 mos ago.  I guess I cannot get a mortgage now correct?

[MarineVietVet]

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@Jess21 wrote:

So I just realized while goign through my bank statement that I have had 2 overdraft fees issued this year and one of them was only 2 mos ago.  I guess I cannot get a mortgage now correct?

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I've had a few overdraft fees in my life    But none of them to my knowledge were ever on my reports and therefore no damage to my credit.

IMO you are good to go. But I have been known to be wrong. 

[Jess21]

they do not show on the credit report, they show on the bank statements.  There a page that says how many you have had and how much

[StartingOver10]

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@Jess21 wrote:

they do not show on the credit report, they show on the bank statements.  There a page that says how many you have had and how much

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It shouldn't be an issue.

There are people that have overdrafts every month - that would be an issue. 2 in a year can be explained (eg: math error, etc).  The lender will want a LOE only if the overdrafts are in the 2 months of bank statements you are providing when you make loan application. Otherwise it probably won't even come up.

[Jess21]

one is from not the last month but the one before then,  and my statement just cut yesterday ugh.  I hope we dont find a house within the next month lol

[Jess21]

its literally for $2.73

[Anonymous]

your mortgage will have to be manually underwritten, not the end of the world but a BIG HEADACHE

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@Jess21 wrote:

So I just realized while goign through my bank statement that I have had 2 overdraft fees issued this year and one of them was only 2 mos ago.  I guess I cannot get a mortgage now correct?

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[Jess21]

When you say a big headache.  Will this make my mortgage not be approved? ?? I keep fearing that the deal with sink after we alreayd have an accepted offer contract and all and I really dont want to go through that.  Any advice?

[StartingOver10]

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@Jess21 wrote:

When you say a big headache.  Will this make my mortgage not be approved? ?? I keep fearing that the deal with sink after we alreayd have an accepted offer contract and all and I really dont want to go through that.  Any advice?

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It's not a big headache for you, it just means you have to provide documentation to the lender. Get your documents together now so when they ask for something you have it. Really that tiny OD sounds like an error. It isn't a big deal and a LOE will work. Most mortgage bankers have a very smooth process on the back end and it wouldn't even be seen as an issue at all. I would stay away from the big box banks though - their processing over the last few years has morphed into a centralized processing system that is the opposite of efficient (IME). 

[Jess21]

We have a pre-approval from Navy Federal that we can work with but after not being content at all with how the LO treated us from the very beginning we went away from that and applied for pre approval with Movement Mortgage in Charlotte, NC (recommended by our realtor).