Mortgage Billing Statements
Will overdrafts hurt me in applying for an FHA Mortgage?
I’d like to apply for an FHA mortgage. My credit is great — 760 FICO score, I think — but looking at my past three months of bank statements (which some lenders ask for), I have three “insufficient funds” fees, one each month. I have no huge excuse — I just lost track of my money. I always transferred over money from my savings to cover the fee w/in a day or so. Will this hurt me, even though my credit score and payment history is almost spotless? If I don’t have any overdrafts in the next three months (three bank statments) and then apply, should I be OK?
Thanks for your help. I feel like a total idiot here. I ALWAYS pay my bills on time and have for 10 years, but these overdrafts kill me. Nothing “bounced,” though. Also — I signed up for overdraft protection today.
No way. I had horrible credit and got one. I just had to pay everything off before they would approve me.
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