Four Mistakes Most Home Buyers Make And How You Can Avoid Them
Listen Carefully To Your Loan Officer's Instructions And Obey Them
Don't Blow Your Home Purchase
- Do not quit your job. You want to stay employed with your employer until the contract and loan are settled. If you MUST change employers, for goodness sake take a job in the same field of work. Don't quit a salaried job and take a sales job where you get paid on commissions. Your lender needs two years of taxes for commission-based salespersons.
- Do not charge anything on any credit. Don't go out a buy six Ferrari's on 60 month car loans. Don't add any expenses to your credit cards. Your loan company underwriter will pull a last-minute credit report just before your sale closes. First-time buyers are often guilty of opening credit accounts at furniture stores to buy furniture for the home they are buying.
- Do not spend the money you have on hand. Keep your funds for closing the transaction in your savings account and don't touch it. You can ADD funds to your savings, but see Mistake #4 below before you make any large deposits. The lender wants to see that you have funds on which you can live, plus funds you use for ordinary expenses.
- Do not make any large deposits. You can deposit your paycheck(s) to your checking account, and any regular, documented income you get from annuities or trusts. Any one-time deposits exceeding $500 will need to be "sourced", meaning you will have to document where the money came from. It cannot come from an account that increases your debt. If you are obtaining gift funds from a family member for the down payment, get a "Gift Letter" from your loan officer.
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