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USDA APPROVAL WITH 1 NSF


The last post in this topic was posted 2548 days ago. 

 

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So we are in the process of purchasing a home with a USDA loan. I sent the earnest money check to the trustee and I was under the impression since the seller is covering closing costs, that that check would just be held and not actually cashed. We have been keeping all of our saved funds for the purchase in our savings account. I did transfer the amount of the earnest check into the checking account that goes with the check for the earnest money prior to sending the check out, in the event that the trustee just wanted to verify there were funds to cover the check. Well the check was cashed to my surprise, it did clear, however, I had just made a credit card payment that also cleared but caused the balance of the checking account to go negative! Again our 1st checking account (we have 3 total, 2 checking & 1 savings) had funds and our savings account had funds, they just didn't happen to be in the right account because I thought the earnest check wouldn't be cashed, that was my fault for thinking that! I immediately transfered funds to that account to bring it out of the negative and contacted the bank and they refunded the NSF fee because this account has not had an NSF. The statement for this account should be available the end of this week at the latest and I am FREAKING out that this and this alone will cause the loan to be denied. Our file is pretty strong per our loan officer ( who is AWESOME and is a member of credit boards lol), so what are the chances that this one NSF will cause our loan to be denied? We have absolutely no lates on our credit reports, our DTI is pretty solid at 23/36, my husbands middle score was 636 but we are seeing about having his credit reran because fingers crossed I got his middle up to at least 660. But in any event, our loan office said he has banks that work with USDA loans down to a score of 620. I need some reassurance people!!! Our appraisal should be done any day and once that is completed our file will be sent to the underwriter..... I am so nervous!

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It's possible they won't even ask for updated statements. The last statement I provided was March 9th and they weren't interested in the April 9th statement. Our appraisal came back a couple of weeks ago and is being reviewed for clear to close right now.

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road2freedom I didnt know you took the plunge!!!!! Good for you! Well my loan officer (again he's awesome lol) just reassured me that a letter of explanation for the NSF should do the trick:) Everyone please pray and send good thoughts this way haha

 

and road2freedom I am soo happy that you are almost at the end of your journey to buying a home too!!!!

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