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I am in the process of buying a home. The mortgage company asked for proof of the balances on me bank accounts & I provided them (which had plenty of $ when they did the verification). Now they want 2 months of transaction history & there are 10 bad checks that were covered by the bank & I paid the NSF fee with no problems. What are the chances that I will not be able to buy the home? HELP! I am freaking out!

2 Thoughts on In process of buying a home, but my checking account has a few bounced checks that we paid.Can I still buy?
  1. Reply
    July 15, 2011 at 4:31 pm

    Normally they want bank statements to verify your average monthly balance. However, some lenders do look at NSF’s. It may kill your deal with this lender and it may not. Don’t freak out though… someone out there will do it without transaction history as long as everything else (credit, income etc) check out.

    If you are in FL, TN, AL, or KY I can do it for you.

  2. Reply
    July 15, 2011 at 5:02 pm

    I’ve been in this industry for more than 20 years and don’t understand why they want bank statements if they did a Verification of Deposit form with the bank unless your bank account showed a significant increase in the balance and they need to verify the source.

    Some underwriters consider NSF’s the same as a delinquency and use that as an excuse to decline a loan they are not totally comfortable with.

    You need a direct lender who can take you through automated underwriting to avoid these types of nit picky pitfalls.

    Feel free to email me if I may be of assistance. I can lend in all states.

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