U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-16-2015, 11:46 PM
 
1 posts, read 1,107 times
Reputation: 10

Advertisements

Combined income is being used to obtain a home loan. Spouse A has the assets in their bank accounts- checking and saving. Spouse B uses their checking account for day to day household needs. Both spouses have paycheck direct deposited into their own separate checking account. We don't want to use Spouse B's statements due to nsf that appear on statement. Mortgage officer said we only need Spouse A's bank statements. Will the underwriter accept the statements from Spouse A only? We can both provide pay stubs and the appropriate W2's
Quick reply to this message

 
Old 06-17-2015, 04:49 AM
 
10,272 posts, read 6,506,221 times
Reputation: 10852
Is msf a bounced check?
Quick reply to this message
 
Old 06-17-2015, 05:08 AM
 
Location: Phoenix, AZ area
2,932 posts, read 2,397,164 times
Reputation: 3357
What they are trying to do is verify the source of the down payment and closing costs. If you get any of that money from the bad account they need to be able to trace it. If you don't need to take it from there then the one account should suffice.
Quick reply to this message
 
Old 06-17-2015, 08:44 AM
 
3,318 posts, read 7,257,563 times
Reputation: 4100
Quote:
Originally Posted by LisaT411 View Post
Combined income is being used to obtain a home loan. Spouse A has the assets in their bank accounts- checking and saving. Spouse B uses their checking account for day to day household needs. Both spouses have paycheck direct deposited into their own separate checking account. We don't want to use Spouse B's statements due to nsf that appear on statement. Mortgage officer said we only need Spouse A's bank statements. Will the underwriter accept the statements from Spouse A only? We can both provide pay stubs and the appropriate W2's
Lender is going to require bank statements showing earnest money check going through your bank, as well as payroll if you cannot provide paystubs. Depending on the lender, they may require bank statements showing reception of payroll. Also, if either receive spousal or child support, bank statements will be provided.

My guess is that you used account B for the Earnest Money down payment?

Anyway, NSFs are not the end of the world, if you can eloquently explain that it was a one-time thing due to (whatever).

If you wrote the Earnest money check from account B, go back to the Title company and get that check back, and use account A, if that is still possible.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top