Mortgage company asking for bank statements?
I have my copies, although they show low balances. Will the affect their determination of the loan response?
There are no NSF fees. Just low balances.
My payroll check is cashed, I dont have it deposited into bank. I pay most of my bills in cash.
I have money saved for the down payment in cash.
Maybe but maybe not. The underwriter wants the bank statements to show that you have some reserves to take care of any emergencies (and not use your money to handle an emergency instead of paying the mortgage). If your checking account balance is low but you have a savings account that contains your down payment, that should be fine.
Second, the underwriter wants to know that you’ve had your down payment for a while–that it is not a loan from someone else that you will have to repay. People will often “borrow” money from parents, relatives, etc. To put into their account to make their balances higher. If this money has not been their for the past three months (which is why they ask for 3 months’ worth of statements), you will have to write a letter explaining where they money came from.
It is possible that the bank may want you to put down a smaller down payment so that you have what they consider to be sufficient reserves in order to close the loan. You should have an emergency fund but if they want you to have a larger one than you want, just go ahead and do what they want. You can always go ahead and make a larger payment later to lower your balance.
should i get a lawyer? and how i have no money?
Ok 2 years ago my mother passed leaving 7 adopted kids me being one of them,my mother adopted us as a single adoptive parent not including her husband who she wasn’t legally separated with but lived apart,when she died my “grandpa” that’s what we called him, took everything and the house she just bought a couple years ago, she didn’t work and received adoption assistance for us about $2,000-$3,000 a month and that’s what she paid the mortgage with every month,he was never allowed over because she couldn’t stand him, now that shes gone he kicked me out and i got a apartment a year ago then i moved back after he offered to rent me the house its been a year since Living here again and recently he has gotten sick ended up in the hospital and cant walk and the doctors was surprised he’s alive let me tell you i love him but he treats me and my kids like a bag of rotten garbage he has raised the rent from $400 to $600 to $800 now to $1000 this all within two months, and his kids (also my adopted moms kids) are harassing me telling me to pay rent and they blocked me out the family because ny boyfriend is black and i had a kids by him so i am not family anymore, my landlord(grandpa) calls me 6 times a day telling me to kill the nigger baby (excuse my language) (that’s what he says) and to throw my boyfriend out or else i have to leave, recently the code enforcement has been coming to my house because the back yard was a dump(when i moved in it was like this) the garage was unsanitary and the house was almost condemned i fixed the plumbing and cleaned everything myself and redid the kitchen because it had no counters no cabinets just a stove and a sink everything was tr shed and i fixed it with my money because i new he would kick me out i have no where to go and no money to get my own place,but enforcement has been working with me but sending letter to him(he lives ina different city in his house he also owns) about the improvement and he calls me telling me that i have to get out because they keep sending him letters saying we are trashing the house, but that’s a lie he is fool of them,he calls me cursing and yelling telling em to get out sometimes i give him rent and he wont sign receipt i have two int he year i have been living here and i tried giving him in a money gram and he said that i am trying to scam him out the money so i cant do that anymore, Just got a call from him after 6 days of giving him the rent that i have to get out in 3 days or he is sending the sheriff and he’s getting a lawyer for suing me for not giving him the rent but i didi i have the receipt,i had voice mails Of him discriminating my kid and telling me to drown him in the river with my bf but he’s crazy (they got deleted with time)also he says the black people living in my house are selling drugs he called cps,and the sheriff on me about 4 moths ago they raided my house and cps came and found nothing and closed the cases against me and now cops pass my house everyday like we are criminals and i am to my Witt’s end i think i rather be homeless,well anyways i want To know i have paperwork that my mom received this adoption money on the 3 of every month and and that’s when the mortgage was paid if they check her statements since this was moms house can i get a lawyer to get the house or am i Just going to be homeless with my sisters and kids?it was a legal adoption threw the state and i also have that paperwork that say how much she got and it should be threw the state to and in her statements from her bank when her mortgage was paid as soon as she got the money..please help me!
i am in california rialto
Free lawyers are right next to the free cars and free groceries at the Everything is Free Store. Go for it.
Credit check on person that gifts you money for mortgage?
My sister gifted me some money for a downpayment on a mortgage. Well Bank of America first requested bank statements from my sister/Bro-in law. WE provided that and NOW they are requesting a Credit Check on both of them along with a list of monthly expenses!!!
This is RIDICULOUS, is this even legal?? Why do they check her credit. She is not on the loan anywhere. she is only giving me $1800 to complete my Down Payment. HELP PLEASE I FEEL THEY ARE BEING RACIST!! I have never ever heard of this!
That’s a new one, FHA does require they source the funds with that bank statement and a copy of the check. The credit report is ridiculous for sure! Find a different lender and you will not have a problem. Race has nothing to do with it.
when getting a gift check to show underwriters?
My mortgage broker suggested that we have a relative give us a gift check along with 60 days of their bank statements, to show underwriting we will have enough money at closing. My question is can our relatives account number be blacked out. I hate to ask them for such an invasive favor, and risk their account information being “out there”
It is up to the underwriter. The problem is that you do not have enough money for this house and so you might have to ask for this.
How do I go about assuming a mortgage that is currently in my name, and my ex-husbands?
I’m recently divorced. The ex quit-claimed the house, and the house was awarded to me under default dissoltion. I have been paying the mortgage, and all associated expenses for more than 18 months. It is an FHA loan.
I need to basically assume responsibility for the mortgage, and have his name removed from the loan. I have money in escrow from insurance for hurricane damage that I need to have paid out, to me in my name only, so that I can continue repairs. Right now, because he is listed as a borrower, the check would be issued in both names. He’s long gone, and I won’t be able to get him to sign a check.
Can I just present my paperwork, (the quit claim, the divorce decree, the bank statements, etc.) as proof that I’ve been solely responsible for the loan and assume the mortgage? Or, do I still need to pay the assumption fees, and qualify for the loan?
In all probability you will have to pay the assumption fee and qualify for the loan.
First I would gather my canceled checks for 18 months, his quit claim deed, and the court documents that awarded the house to you and fax that information to the lender to see if that would work. In some instances this will suffice as you have proved through your canceled checks that you and you alone has been making the payments on the mortgage.
If that does not work you will have to go through the assumption route and qualify for the mortgage.
I hope this has been of some use to you, good luck.
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