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Why does my loan officer want to see my bank statements?

I have good credit, steady job, but recently have been low on money due to bills and getting my car fixed. I'm worried that if he sees that my bank statement doesn't have that much money, he won't give me the loan. My husband on the other hand, has a good amount of money in his. Can someone please explain this to me? I'm going to see him Wednesday, and I get paid on Thursday. Should I go on Thursday instead just so he can see money in my account?

Asked By: Monica R - 9/16/2010
Best Answer - Chosen by Asker
Are you the only name on the loan application? He should be asking for both statements if you're both applicants. What they want to see is that you already have the money for the down payment and closing costs, plus whatever reserves they require. We require 2 months statements, 2 months paystubs and 2 months... More
Answered By: Debdeb - 9/16/2010
Additional Answers (4)
Your bank statements will show your loan officer your "transactions" or activity. Basically, you loan officer will be able to see what the chances of you paying your loan on time are. Which for obvious reasons is very helpful to him or her. However, I would just ask the loan officer if a pay stub is enough.
Answered By: Java - 9/16/2010
 
Java answer good, but maybe you and your husband can have joint bank account you pay recurring bills out of so balances look better?
Answered By: gardenoflia - 9/16/2010
 
I doubt one statement is enough, he wants to see your habits, if you commonly are short of funds, not just one time.
Answered By: Landlord - 9/16/2010
 
It's a routine request. Most lenders now want to see 90 days' of monthly statements.
Answered By: Caveat Emptor - 9/16/2010
 
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