Have your lender do a VOD instead of providing bank statements. A VOD is a Verification of Deposits. The lender will send your bank a form to fill out stating what your average balances have been over the last 2 - 3 months. (We need 2 months, but many times the bank will only provide a 3 months average balance).
When you use a VOD, bank statements are not review, so overdrafts are not seen. It becomes a non-issue.
Good luck with your purchase!
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, FHA (starting at a 580 score AND only 3.5% down), FHA Streamline loans (no minimum credit score, no appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow hold backs!
Have the donor wire the gift directly to the closing attorney or Title Company from their account. We require proof from the donor that they had the money to give anyway so use it to your advantage. Donâ€™t deposit the funds in any of your checking accounts and the question may never come up. If you show any of your bank statements they are going to ask for the rest of them because you are moving money around which raises a red flag on its own.
Hope this is helpful,
Good luck to you,
Unwavering Commitment to Service, Unsurpassed Results