@twojton01 wrote:
HI -- I am getting ready to purchase a house via FHA after a foreclosure 3 years ago! YEAH.... My middle score is 680 and Income and Debit Ratio is excellent. I am using my 401K for my down payment. On my bank statement is shows that I paid a bounced check. Will this hurt me? It was paid the next day... Just a stupid error that happens to me forgetting to write down checks. Also, I have a Hobby that started in Nov. I made 1000 in December and put that in my account. I am not asking for this income to be included in my debit ratio. and I will disclosure that to the loan office and irs. Will that be acceptable? I was pre=approved but wasn't sure if underwriting would deny me.... THanks so much!
underwriter discretion on the bounced check.... if there is only one and you had money in another account, it might not be so bad.
a letter of explanation will be required for the $1000
and the money cannot be used for cash to close unless you can document it 100% to the u/w
Retired Lender
