- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (10)
- janie fartsworthly
- Contributions:1
my kids did a lease purchase on a home they put 15,000 down and been paying 1033.00 a month they make 34,000 a year together my daughter has a fico score of 750 my son is 650 they had automatic ach debts come out for insurance it came out the day before there direct deposits went in the bank it show 7 times bad in the bank but it was paid by the bank and they was charged each time the bank claimed it was a timing thing they wrote letters to the lender to explain what happen but they declined it does that mean they don't get the loan plus the kids been in house for 15 months someone i am begging for help please email me at [email removed by moderator] need urgent help Tammy
- Heidi Zizza, "Heidi Zizza REALTOR"
- Contributions:724
Talk to your mortgage agent and be sure they know up front. Don't leave it for a surprise. A letter of explanation should be ok
- Bob Brenner, "GuildMortgageBob"
- Contributions:47
A letter of explanation should be sufficient given all the other compensating factors. How old is the credit report with the 630 middle score? Sounds like with some more time passed between a new report and the last reported late pay, your score will likely have improved. Perhaps your Lender can run a "Credit What-if Simulator" report to see how your score can be improved before you run the next report.
- wayne lancaster, "funds2"
- Contributions:1175
Pat,
I agree that answers on Zillow from real estate agents about mortgage questions "won't give you the information you need".
I agree that answers on Zillow from real estate agents about mortgage questions "won't give you the information you need".
- Clay Branch, "Georgia Loans"
- Contributions:7835
Ask your loan officer if a VOD will work instead of giving up statements. If the money you need for down payment and/or reserves was already in your acct prior to 60 days, then a Verification of Deposit should work just fine.
- jjlen
- Contributions:19
@Pat, obviously I will go back to the lender -- I have to in order to finish the loan process anyway! I was simply hoping for some perspectives before I do, so that I can be prepared.
@ others -- if I need to, I will wait a month (the NSF was last month, so one more month would clear it up) but I'd rather not, as I have a house we're trying to get now. But I will explain to the LO, write a letter of explanation if needed, and see if it works out. If not, I guess I'll try again in a month. Thanks for the insight!
@ others -- if I need to, I will wait a month (the NSF was last month, so one more month would clear it up) but I'd rather not, as I have a house we're trying to get now. But I will explain to the LO, write a letter of explanation if needed, and see if it works out. If not, I guess I'll try again in a month. Thanks for the insight!
- Andrew Adams, "203K Specialist"
- Contributions:9349
Opening a new account and waiting 2 months....why not just wait 2 months? Although I don't see why a letter of explanation would not suffice.
@Pat - I could not disagree with you more! Consumers have free acess to some of the best Loan Officers I have ever met. I have been in the business for 20 years and I have learned a thing or two from some of the regulars.
@Pat - I could not disagree with you more! Consumers have free acess to some of the best Loan Officers I have ever met. I have been in the business for 20 years and I have learned a thing or two from some of the regulars.
- Gary Cohen, "Gary Sells Money"
- Contributions:48
Consider opening up a new checking account and waiting two months but an underwriter is the only one that can make a decision if it is a problem or not if you submit that checking account for review.
- Edie MacGray, "Mortgage Power Girl"
- Contributions:29
This should not be a problem for you but you may have to write a "Letter of Explanation" for these NSF's. I've seen this done before. It sounds like you are still a good candidate even with a 630 FICO score.
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
You need to go back to the lender which gave you the pre-approval ASAP to determine your fate. Answers on Zillow won't give you the information you need.
FHA loan with NSF in bank statements??
I'm hoping my income, plus the reserves, plus the debt ratio, will overcome the NSFs but I am horribly nervous and, frankly, embarrassed. Is it likely to sink the loan?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.