Bank Statements

[Anonymous]

When getting a pre-approval for new construction will the lender want last 2 months statements for both my personal checking and my business checking acct (I'm self employed)? Also, my personal checking acct is a joint acct with my husband but he will not be on the loan. I know they check payments made out of checking to make sure there are no debt payments that don't show up on your CR but we pay bills that are only in my husband's name out of our joint account. Will I need to provide copies of his bills so that they can confirm those payments are for debt not in my name? Finally, the construction process should take around 6 months. Will I need to provide the statements again before closing?

[Anonymous]

Utility bills and the like are not considered debt so no problem with them. If for example it's a car payment or something similar they may require a statement or something proving the debt is in your husbands name only. I had to do this with my mortgage for debt that was my wife's...it was quick and easy.

[Anonymous]

Yea, my husband has a few credit cards in his name only that we make payments on out of the joint acct.

[Anonymous]

I forgot to add my situation was also a joint acct. Just have a letter or copy of a statement ready showing the cards in your husbands name only if needed. Shouldn't be a problem. Best of luck in your journey to home ownership!

[Anonymous]

Thanks! Did they ask for explanation letters for your spouse's income deposits as well?

[Anonymous]

Nope. The only other thing they asked about was a rather large ~$5k payout from my insurance company from an auto accident. This is all based on my own experience so some of this might vary between lenders.

[BrianB_The_Loan_Professor]

A lot of banks will just ask for a letter from him stating you have full access to the account - if there are any unusual or larger deposits or money going out they will ask for an explanation - that would be the same even if it were an account in just your name

Good Luck

BrianB