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How much do overdraft charges negatively effect our chances of a FHA loan?

Profile picture for mkingery1
We have 4 bank accounts, one is where our paycheck is deposited automatically, the second is so I can split large monthly bills (like electric) into smaller amounts and put them in an account I don't have easy access to, and the third is just if I want to put a little extra cash in. Our 4th account is where all large amounts of extra cash go, this one is at a different bank. Our account which has auto deposit is one that I take down to a 0$ balance weekly, any extra money for savings goes into our 4th account at a different bank. Everyone knows life gets busy and I occasionally forget to enter a charge in my register and overdraw. I have averaged in the last year since that account was open 834 in overdraft fees (I wasn't very good with the register in the beginning). This last month I had 4 overdraft fees and the previous month I had no overdraft charges, my ytd charges are 834. None of our other accounts have ever been overdrawn and our credit is average, income is extremely stable and our only debt is our 500$ a month car payment and a balance of 600 on a credit card. We have a lot stored in annuity and 401k. I am just wondering if these charges will negatively effect our chances because I am really stressing about this.
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November 11 2011 - Kapolei
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Answers (4)

Profile picture for Elaine Manfredi
You may have to provide your lender a written explanation of the NSF charges.  But, if everything else with your loan file is okay then this shouldn't impact your loan approval.  Good luck...I hope it all works out for you!
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November 25 2011
Profile picture for RussellMortgage
Be ready to explain them and if the loan is tight or needs an exception, you may not get the approval. I had a recent loan that needed an exception and the number of NSF charges ave us a denial. As Bob said below if the file is not on the edge, it will hopefully be ok. Be ready to explain large general deposits too.
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November 25 2011
Profile picture for SacRELender
I really depends on the rest of the loan file, your credit score, and why you had the NSF checks.  If the loan is not right on the edge, I wouldn't worry about it too much.  That being said, it is up to the underwriter.
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November 22 2011
Profile picture for Cindy Quinton
I know no one has answered you and I'm not sure, but when we were applying they wanted 60 days. I would just be prepared to explain them. I think they are more concerned about any large cash deposits, because they have to watch for any kind of fraud....like the home seller giving you cash.
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November 21 2011
 

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Profile picture for Elaine Manfredi
QuestionHow much do overdraft charges negatively effect our chances of a FHA loan?
  • Latest answer by Elaine Manfredi
  • November 25 2011
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