Okay, my wife and I tried for a mortgage a year ago. We were ultimately turned down because of excessive non-sufficient fund (NSF) fees at our bank. We now have a crack at a home loan again, BUT.... they haven't yet asked for our bank statements. We've had some more NSF's recently (we pay our bills well, we just haven't been managing our bank account so hot). Anyway, here's the question: Is there any way that our bank would possibly give us a two-month certified statement with the NSF's omitted? I realize that only they can answer this and I also realize that I'll most likely get a line of, "we're required by law to report it accurately, blah, blah...," but is it worth asking them? Anybody ever dealt with this? Thanks!
Probably wouldn't be reasonable to wait two must since the latest NSF to close the loan. Right? You could bring the bank statement (clean) to the table at closing. Just a thought.
heres a thought open a new bank acct with another bank if you can in addition to the one you have now that way you just show that bank acct statement for the new acct . if they ask why you havent had an acct long say your old acct was closed by u due to unauthorized activity and charges. this may work
Yeah, I've heard of the mortgage companies requiring two months of bank statements. BUT are you REQUIRED to have a checking account? I mean, what if you just don't have one. Could you close the account and then honestly say you don't have one, and open one at another bank (as suggested). If they need bank statements you could provide a savings statement instead of checking? In the oldie days we used to send a 'verification of deposit' form rather than requesting bank statements. Could this form be resurrected so the NSFs don't show up? The bank could list that your account is in good status list your average balance, etc. etc. Just the vitals.
i have found in my state that SOME mortgage co require a years worth of statements now its usually 2 months they just want to look at your av balance dep history maybe goldhummin is right with the savings acct if you have one that may be more benefical.
Hello, Are you doing a "full doc" loan (you provide w-2's and paysubs)? If so, and if you need proof of funds your mortgage broker will get a verification of deposit and won't use the bank statements. The reason we ask for 2 months bank statemens is to get an average balance without having to get a verification from the bank. A VOD will do the same thing...the bank will say what your balance is and what the average balance has been for the last 2 months. If you are using bank statements as full documention your mortgage broker should be able to look at those and advise you if there are too many NSF's for the investor. Some will allow up to 10 in a year. I would discuss this with your broker/loan officer and let them do their job. Good luck!!!!
Never...Ever....Send the Lender a bank statement with questionable items on it. You are asking for them to find a reason not to grant you the loan. Instead tell your mortgage broker to get a Verification of Deposit (VOD) from your bank. This will only include your account balance on a given day. Also a bank statement could be a savings, checking, brokerage or any type of account where you make deposits. The bottom line is that they are wanting to see whether you have the necessary funds to pay your portion to close the loan. Freedom69 "Free Your Mind...Then You Can Free Your Finances"
LET the mortgage professional do their job!!! A borrower would not be sending the "lender" bank statements, the broker/officer would be after they have reviewed them....that is why the broker/loan officer is the "middle person"...to evaluate the situation. They want to help you close your loan...not find reasons not to. We don't close it, we don't get paid. Again, it depends on why you are giving them bank statements...to qualify as full doc, show funds to close or reserves.
a certified check is all you need at the title company, made out in your name. This is the only requirement needed prior to the loan being funded. another reason they could be asking for bank statements is of course the liquid asset portion of the 1003 but I am sure you already knew that. something just smells fishy here! BB AHMCC
Ok, so here we sit, 10 days from closing and having problems with the lender wanting bank statements. Our problem is that some deposits were returned which resulted in nsf's and we are closing the acct. A new acct with DCU is being opened as we speak, as we have sent in the paperwork. Now how can we get out of this problem without it affecting the mortgage loan.
Ok, so here we sit, 10 days from closing and having problems with the lender wanting bank statements. Our problem is that some deposits were returned which resulted in nsf's and we are closing the acct. A new acct with DCU is being opened as we speak, as we have sent in the paperwork. Now how can we get out of this problem without it affecting the mortgage loan.
Re: Re: Mortgage Experts, please help! Why do they need bank statements? To prove reserves? To show cash to close? Opening a new account will not help you...they want to see a 2 month avg. Has your Loan Officer seen he account with some NSF's? It may not matter. Need the above info to advise. Loan Queen
Re: Re: Mortgage Experts, please help! He knows we have very little funds I did tell him that. The way things are set up, we are supposed to have absolutely $0 at closing table, not sure why he needed the statements. This is an fha loan with down payment assistance program. 6.5% interest on a $150,000 home. Well the home is really $140,000 but with the down payment assist it is $150,000.
Re: Re: Re: Mortgage Experts, please help! Sounds like they are looking for an average balance (just don't want to show that you have a negative balance). Give him the last two months or ask him to get a VOD (verification of deposit). The VOD will verify what you have in the bank as well as the average balance. Trust your loan professional...he wants you to close the loan. Tell him what your concerns are. He might have a solution that you don't see. I'd call him today and set your mind at ease. Best of luck.
