overdrafts and FHA (loan, bank, underwriting, amount)

[fiesty2]

I am currently in underwriting and am worried that the 4 overdrafts I had this year (the last one was June 20th and I have an letter of explanantion for it and for the one that occured before that too from the bank, it was their error) will blow it for me. My LO is a little worried too; but eventhough I sent her my bank statement, I wish she would have just ordered a VOD on my account instead for the underwriter. IDK why she didnt but now I might be sunk and have to start all over with someone new if they deny me. I talked to someone else today and they said they would just do an VOD for sure. Should I just wait it out now(she said it would be a week or more before we know something) then go from there?
Thanks

[SmartMoney]

It's a tough call, but most underwriters these days require at least one bank statement, even with a VOD, and if overdrafts show, they typically order a VOD, anyway. Seeing where the earnest money cleared is pretty much standard now, so it's tough going on the VOD alone. Four overdrafts in 7.5 months is rather excessive, but if you have documented the mistakes, you should be okay. Be prepared for the number of overdrafts in 2011 to be explored (and if they are minimal, offer it up - get a letter from the bank, if you can). Be prepared to address the amount you were overdrawn and why you do not have overdraft protection.

All that said, if this is the only issue with your loan, you should be fine. If this is just one more thing on several layers of risk, this could very well be the tipping point.