Will my FHA mortgage be turned down for overdrawn checking account?

Question

I have been approved for an FHA mortgage loan and have been asked for 2 months of bank statements. My concern is that my account was overdrawn a few weeks ago. It was the first time in at least a year and a half it has been overdrawn and was an honest mistake. Can they reverse my approval for this reason? Thank you.

Answer 1

nope, they will not. i actually had one (which i was so pissed at cuz a check cleared about 30 seconds before my direct deposit went in) and i was fine. i offered to show a year of statements to prove it was a fluke but they told me not to worry, they don't hold 1 against you!

Answer 2

i dont think so i mean alot of people accidently overdrawn

as long as u pay the overdraft fee rightaway then everything should be ok

Answer 3

Short Answer: Yes they can and in today's financial climate, probably will reverse their approval and deny you the loan.

Answer 4

Usually they will take an explanation.  If there are no other overdrafts, and if you keep good balances, then you should be ok.