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10 Things to Do to make sure your loan gets denied!

Forget to mention that you just bought a new car or stereo system.
Forget to mention that you have to pay child support or alimony.
Forget to mention that you will be going on maternity leave during the escrow.
Forget to mention that the money you are using for the down payment and closing costs are coming from a gift from family and there is not way to document it.
Forget to mention that one of the borrowers (husband/wife) hasnt recieved green card yet, or greencard is expiring.
Forget to mention that the borrower is married (applied as single man/woman), and let the lender discover it when you sign loan papers.
Have the money needed to close escrow come from the sale of another property that hasnt closed yet, and you need to close this escrow first.
Apply on line with one of these online companies and have your credit report run 10 times in a row, guaranteed to change your fico scores to qualify.
Create your own paystub, bank statement or w-2, tax return.
When the lender audits your loan file before coe by calling your employer to verify your employment, make sure you have quit or are on unpaid leave.

Roger Hunt

Private Mortgage Advisors (an affiliate of Wells Fargo Bank, N.A.)

Burlingame,CA 94010

650.796.0326

www.rogerhunt.com

roger.m.hunt@wellsfargo.com

Posted by Roger Hunt on 10/21/2009 03:00 PM

Comments (6)

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6 Comments on 10 Things to Do to make sure your loan gets denied!

OCT

Very good advice! Stuff alot of agents forget to discuss! I couldn't believe a client of mine didn't know to keep bank statements and paystubs during the process, I guess you can never assume!

I am continually amazed by the things that happen.....in our business it is more important what you do when things DO happen, than preventing them from happening!

thanks for your comments!

OCT

Funny. Mind if I add a couple. Forget to mention that you have been receiving notices of default on property from a previous life. Forget that you have a mortgage on another property.