HELP PLEASE😩 Letter of explanation for overdraft

[Anonymous]

Hi everyone!

So i am in the process of buying a home, going through underwriting right now.  I received conditional approval, but i need to explain why i have a overdraft fee from months ago

now here's the thing.  English is not my first language so i have a hard time forming a formal letter, could anyone help me or at least give me an idea how i could write it. 

the reason why i have the overdraft is because i was stupid to not check my account first before i made 3 purchases that day, in my mind I thought that i had sufficient funds in there so I didn't bother looking. And i also got my paycheck the next day. Not to forget i called the bank and they waived the fees after i explained but it still showed up on my statement 

[Anonymous]

my LO told me its best to provide least amount of details as possible. so i'd probably say something like, On (date) I made a purchase without checking my account balance, as I thought I knew the amount available. This transaction caused an overdraft. The bank agreed to waive my fees after I explained my mistake. I have learned from my error and will ensure it does not happen again.

[CreditCuriosity]

Or.ask your  LO/Mortgage broker how to word it as they deal with it all the time and in their interest to get the loan approved.   They have seen what works and don't work.  I agree though with the less detailed explanation the better though.  

[Anonymous]

Are underwriters really getting after people for 1 over draft 6 months ago?

man i was already anxious about my loan currently in underwriting but now i may have an ulcer.

[Gladius]

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@Anonymous wrote:

Are underwriters really getting after people for 1 over draft 6 months ago?

man i was already anxious about my loan currently in underwriting but now i may have an ulcer.

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They "usually" go back 3 months.  At least in our situation(s).  And it is true.  Don't go into too much detail (to make them dig even further).  Explain what happened in 2-3 sentences, explain what you did to correct the mistake and what you will do to prevent future overdrafts.

[JVille]

Your "letter" should be short and to the point. 
Example might be:

This letter is to explain the Overdraft reflected in my checking account on July 5, 2020. The item for $58 was a bookkeeping  error on my part.

As a result of that experience I am very careful to balance my acct more often. 
sincerely,

joe borrower

This is an example of a letter that is very short, to the point and describes what happened and what you did to ensure it does not happen again. Nothing fancy.

good luck!

[Anonymous]

Thank you everyone, for some reason i never received an email that anyone replied to my topic

but just wanted to give a quick update

i send in the letter and i am now waiting for a final approval for closing, my date was set for november 26 but that's thanksgiving so just waiting for my new date. everything has been going smooth so far, just the waiting game sucks

[Anonymous]

How did it go?