Looking for advice regarding my savings habits

[dayna]

I purposefully live paycheck to paycheck.. meaning I get direct deposit to my Chase checking… pay whatever’s due in that 2 week period , and then transfer whatever’s left to my Santander savings account the day my next direct deposit hits.

The transfer amount varies, but it’s always more than $100.

Do you think this will be an issue as far as qualification/underwriting is concerned? From what I gather, NACA /BOA doesn’t like movement between accounts.

To me it’s self explanatory … but I can’t tell if this is an LOE situation or a completely stop what I’m doing situation :/

I also have a Capital One Bank account with my husband which we intend to use for payment shock , MRF and paying down our interest rate. So the Santander account is strictly my personal savings.

Any advice would be appreciated…

@ttrumble if you can give some guidance that would be great.

[Nelsont]

In the long run it won’t be an issue. You will need to heavily document the transfers possibly write a letter of explanation and in my case print out the transaction summary not the statement and get each paged stamped by a bank teller. As long as the sum of both your accounts grows by your payment shock every month you’ll be fine.

The underwriters don’t look at nor do they know if one account is designed for payment shock. They just add up the total balances. The fewer accounts you have the less math they have to do and the less of an opportunity there is for confusion and conditions for clarification. But as long as you hit the payment shock it doesn’t matter where the money is or whether it’s split 30% here 70% there or 20 25 50 5. etc.

[Martin]

I was told by my MC to print transaction summaries with the URL on them, which I accomplished by selecting ‘include footers’ on the print menu. I think that would circumvent having to get them stamped by the bank.

Best of luck !

• This reply was modified 7 months ago by Martin.

[Nelsont]

It did not circumvent it for me.

In my case I had a savings account linked to my checking account with the same bank. The issue was the transaction summary only showed on the checking account that a transfer was made and to where and likewise the savings account only showed that a transfer was made and not from where. Even though it was plainly obvious based on the dates and times of transfer limited the underwriters saw this as an unknown withdrawal and an unknown deposit.
I had to have this done twice during qualification once at credit access and again during the bank app. Each time with the url printed as a header/footer and each page of the print out with a bank stamp. This was in addition to my statements. But like I said it doesn’t prevent qualification and it will work out in the long run.

[dayna]

My ATD event isn’t scheduled until 10/10 and I’ll be uploading my Aug, Sept and Oct bank statements in preparation.

I’ll just stop this method going forward, through close to avoid the extra verification.

I’ll have to explain my transfers this month with LOE’s and the printouts as suggested.

Thanks for your detailed responses.

[Author]

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