Yeah, it’s wild how much scrutiny there is over every little thing. I had to dig up a random PayPal transfer from months ago and explain it was just splitting dinner with a friend—felt like I was on trial or something. But I get why they’re careful, even if it feels over the top sometimes.
About getting a mortgage for a rental with less-than-perfect credit, has anyone tried working with smaller local banks or credit unions? I’ve heard they can be more flexible than the big guys, especially if you can show consistent income and savings. Not saying it’s easy, but maybe worth a shot if the paperwork circus is driving you nuts. Also, did anyone else have to write those weird “letters of explanation” for every deposit over $100? That part always cracks me up... like, who actually keeps track of all that stuff unless they’re prepping for an audit?
It’s honestly ridiculous how deep they dig—had to explain a Venmo from my mom for “groceries” that was really just her paying me back for movie tickets. Local credit unions definitely felt less robotic to me, but still wanted every scrap of paper. The letters of explanation thing cracks me up too... like, who’s laundering money in $120 increments? Feels like overkill, but I guess it’s the world we live in. Hang in there—it’s a pain, but it’s doable if you’re persistent.
Yeah, the letters of explanation thing always gets me too. I remember having to write one about a $75 transfer from my brother—he was just paying me back for pizza and gas after a road trip. The underwriter wanted to know if it was a “loan” or a “gift.” I get that they have to check for money laundering, but sometimes it feels like they’re just looking for reasons to say no.
I’ve noticed credit unions are a bit more flexible with people who don’t have perfect credit, but you’re right—they still want every document under the sun. Did you find that your credit score made a huge difference in how much they scrutinized your accounts? I had a mid-600s score when I applied, and it felt like every deposit over $100 needed an explanation. Maybe it’s just part of the process now, but it does make me wonder if anyone actually gets through this without at least one minor meltdown.