Are you using the money in your account as reserves, down payment or are you using your bank statements to support the income you put on the application? If it is for reserves or down payment the lender may just allow you to get a gift letter from the relative. (Gifts are allowed from relatives with a letter). However, if the bank statements are to verify your income, the lender will probably only give you 50% credit of the funds if it is a personal bank account. A business bank account is yet a whole different story.
I am currently applying for a loan to purchase investment real estate. The loan officer has indicated I meet their requirements for approval, based on my current assets…etc.
The next step for me is to submit statements of my bank accounts and investment holdings to support the information stated on my financial application.
2 of my accounts list a family members name in conjunction with my own on the bank statements. Although I have full authority to use 100% of the funds in the account, I am curious how the loan officer may view a “joint account” ?
Do they normally require some form of written statement to the effect that the account funds are 100% available to me?
Joint account by default means that you and the other listed accountees have unlimited access (assuming it’s a checking, savings, etc and not a JTROS (Joint w/rights of survivorship) stamped next to your name) to the funds. You need to tell us what type of account and how you’re listed.
Secondly, if the worst thing is that an underwriter wants a letter, then type it up and have your “cooperative” joint account holder sign and agree. It may just be a harmless formality.