Santa has come and gone for 2009. He is now making his list to see who is naughty or nice in 2010 with some new rules to play by and he will be watching. Both you and your buyer will need to learn the ropes, so here is a recommended "checklist" during the Financing Period to ensure compliance with the new GFE/HUD (and MDIA) requirements and prevent delays in closing (and keep Santa happy). They are not hard just time consuming and must be followed:
Buyer should:
- Send loan disclosures/package back
- Lock in interest rate
- Finalize down-payment/loan amount
- Confirm loan program (e.g. 30-yr fixed)
- Send in all income documentation (i.e., pay stubs, tax returns, W2s)
- Decide whether or not to escrow taxes and insurance
- Select insurance provider
- Make no changes that could affect credit
Agent should:
- Check appraisal value and approval status
- Verify if survey needed
- Make sure repairs are complete (if needed)
- Make sure Loan Officer has title contract information
- Send in fully executed contract and any amendments
- Finalize sales price and any seller contributions (3 days before closing if changes)
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