topic VOD or Bank Statements? in Mortgage Loans

VOD or Bank Statements?

Anonymous — Wed, 23 Jul 2008 22:18:45 GMT

We are getting ready to apply for a mortgage on our 1st home, and working very hard to raise our scores, then we bounced a couple checks this month. Just a simple math error, but I feel like all this hard work is never going to pay off. I've read on here about using verification of deposit rather than bank statements...does that work? My husband just started a new job last week, and our income is going up 30%. Does that matter at all?

Re: VOD or Bank Statements?

ShanetheMortgageMan — Wed, 23 Jul 2008 22:55:54 GMT

VOD only relates to your bank account, not employment/income. If you have bounced checks then going with a VOD would save you the trouble of providing bank statements and writing explanations for the bounced checks.

Re: VOD or Bank Statements?

Anonymous — Thu, 24 Jul 2008 00:18:55 GMT

Thanks, Shane. One more question: How do I go about doing that? Won't the mortgage company ask for bank statements?

Re: VOD or Bank Statements?

ShanetheMortgageMan — Thu, 24 Jul 2008 00:26:19 GMT

Welcome. The loan officer requests the VOD, not you. The loan officer might ask for bank statements but I'd tell them about the bounced checks and they should be able to figure out that a VOD is the better way to go... if they don't figure it out, you might want to find a new loan officer.