Pre-approval paper work question

If your account has no money in it, there is no reason you need to provide a statements for that account. The only accounts you need to show 2 months statements for are the accounts where your down payment is coming from and where required reserves are located. Only what you are using to qualify needs to be shown. Give me a call if you need a second opinion on pre-approval.

Only your loan officer has all your financial information. Is there a reason you are not asking him/her?Happy funding, Rudi

The lender might want to see those accounts even if they are negative... if that is the same account your paycheck is direct deposited in. The lender will verify your accounts to be sure that there are no random deposits that cannot be explained... Under FHA, you cannot borrow the down payment, so they will be sure that any accounts you disclose, you can account for all the deposits... WilliamAcres.com

I like Rudi's response...why are you not asking your mortgage consutant this question? He/she should have all of your financial information for the preapproval and should be able (and willing) to clarify ANY question you have on the loan process. You are just beginning the mortgage process...it is all up hill from here. If you cannot get timely response and specific information for your situation at the beginning, it is only likely to get worse. Require accountability from your financial representative...and consider twice why you are asking questions on an active application of other professionals.We all are here to assist, but the issue is far larger that your bank statements. Just a thought.