joint checking account question

[Anonymous]

My girlfriend and I are buying a house and I am the only one on the application. We have a joint checking and savings that both our incomes go into. Will underwriting have a problem allowing all of our funds and transactions since I am the only one on the loan? Am I going to have to explain all transactions that are not mine? I'm so confused and my Lo is no help.

[ReBuild-OH17]

They will more than likely require you to write an LOE for large deposits. For my mortgage, I had to write LOE for anything deposited that was over $100

[Sunshine85]

Normally, the lender will count 50% of the account balances. On another note, I think you should find another LO. A good LO and realtor are essential in the mortgage process. If your LO is not helpful, or you don't feel comfortable with him/her, you would be well served to move on to someone else. Good luck, and I hope everything works out for you.

[Walt_K]

We just bought a house and I was on the loan but my wife was not.  She just had to sign an LOE saying I had full access to the funds in our joint account. They counted 100% of the balances, they were not split between us.  I would assume it would work the same for you and your girlfried, but I can't say whether the fact that we are married had anything to do with it.