Below are some of the things that can affect your pre-approval and loan closing on your home adversely.  Please review and if you have any questions, please contact me:

Do:

•  Continue to make all payments on time until your long-term loan is closed.

• Document gifts funds.  Documented and a signed Gift Letter will be required to show the person giving the gift is not requiring the gift to be re-paid! 

Do Not:

• Changing Employment or Moving into a new “line” of work or different industry!

• Make changes in income / going from salary or hourly to commission, working less Hours, going from full time to part time, or less income from tips or overtime, etc. than when you were approved.

• Buying new items on credit / large purchases. Opening new credit accounts.

• Increasing balances or closing out revolving credit cards or other accounts.

• Receive credit inquiries from other sources other than our inquiry.

• Deposited loans from family or friends into your bank account. Gifts, etc.

• Receive any late payments of any kind, especially mortgage late payments of any kind.

• Deposit undocumented large deposits into your bank accounts other than payroll such as cash from selling something or cash deposits of any kind. All deposits over $500 are required to be documented and a paper trail shown to see if those funds can be used as part of your needed cash to close.  Cash deposit are not traceable.

• Move funds from one account to another after we have started your loan.

• Become a co-maker or co-signer with someone else after you have started your loan application will increase your debt to income.

Notify us if:

• Collections or Liens that arise during the process.  Medical Bills, etc.