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Joint checking account?

My wife and I have separate banking accounts, and I have a few NSF fees over the last couple months. Would it be a better idea to add me to her checking account for qualification purposes? We want to start looking for a home soon. Thank you. by keaton.a819 from Alexandria, Ohio. Mar 16th 2016 Reply


It will not be necessary to have a joint checking acct. if you both are applying for the loan you can provide both accounts if needed. Feel free to call/email me with any questions. Dan Walsh513.490.1585dwalsh@bankingunusual.com

Mar 16th 2016
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 396 contributions

You shouldn't have to disclose your assets if there is enough money in your spouses account to close. Have a frank conversation with your loan officer about this as any large increases to your spouses account balance, (e.g. due to transfers from your account), will require documentation as to its source. This could open a can of worms and be cause for a loan denial. If you are added to her account note that 2 months of statements are often required, so make sure your paychecks are deposited to it as well. I hope this helps.

Mar 16th 2016
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Kim Lawson (kilawson)
#54 ranked lender in Ohio - 150 contributions

Typically NSF (or evidence of YTD NSF fees) is cause for instant denial. That's unless it was a one time thing and you have strong explanation for it. I would avoid using her account. She can still be on the loan and not disclose her bank statements so long as you have sufficient funds required for the process. If I can answer any additional questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Mar 16th 2016
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Melissa Stutes (MelissaStutes)
#28 ranked lender in Hawaii - 101 contributions

Joint accounts are not necessary...and if you use your account to verify assets, you will most likely be asked to explain the reasons for the NSF fees. As long as you don't have lates on a mortgage loan within the past 12 months or a FICO score that is too low to qualify, you should be okay with providing an explanation. Also...you many not even need to verify your account. If your wife has enough funds in her account, that will work for qualifying purposes.

Mar 16th 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

I would recommend not introducing that particular account. However if you introduce her statement, and you have transfer deposits in her account; that will most likely require your statements to be introduced. Depends on the amount of the transfer deposits if any.

Mar 17th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Lenders take NSF fees seriously.. so expect scrutiny of your statements if you provide them with NSF charges.. If it's a one time thing, then you would need to write a letter of explanation stating why it happened, what you did about it, and explain how it would never happen again.. But if there's no good reason to have those charges, then No.. it's not necessary to be added to her account.. just be sure not to disclose the account with the NSF charges.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 17th 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

You will need to ask your lender.

Mar 18th 2016
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