Yet again --- the same warnings!

smiling pumpkin


LOAN APPROVAL
 LOAN DENIALpumpkin sad

Another reminder that one shouldn’t make changes in financial positions between LOAN APPROVAL and CLOSING. Don’t lose your new home option because you bought a new car on credit or bought a whole new set of furniture on credit or made any other significant changes to your financial profile such as changed jobs.

Lenders want to see at least two paycheck stubs and no changes during the weeks between Approval and Closing (or Settlement).

Read Louise’s post carefully!
Have a happy day,
Lynn

Via Louise Thaxton Military Mtg Specialist™ 866-960-9115 VA FHA USDA NMLS 69996 (Fairway Independent Mortgage Corp Louisiana NMLS#2289):


Please do not quit your job this week if you are closing on a home purchase next week! 

 

Although most people would think that statement is just common sense, I fear that common sense is not so common anymore. Although this scenario is a little different than most because the borrower was active duty military, it has actually happened to me with civilian borrowers in the past. 

Even though we go over  the "thou shalt not's" from the very first day of application, ie., do not apply for new credit, do not transfer money around from accounts, etc., there are times, such as this one, when you realize you didn't say enough.

Today we discovered that an active duty military client who was scheduled to close next week on the purchase of her home, was discharged from the military yesterday.  Which means she is now unemployed.  Which means she just lost her loan approval.  Which means, she now does not have a place to live. 

This also means that a seller just lost their buyer.  And two real estate agents just worked this transaction for three weeks for nothing. And since my team who works by incentives receive nothing on this.

"Now how can this happen when her ETS (Estimated Time of Separation) is not until 2014?" I cried out to whomever would listen.  She was not scheduled to be discharged for two years!  

Well, it appears  that our client had applied for an early discharge from the millitary when she discovered she was pregnant.  She failed to mention this to us because she didn't think it would matter.

It does matter.

Please do not quit your  job this week if you are closing on a home purchase next week!




 

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Louise Thaxton VA Military Suits in Boots 

Louise G. Thaxton NMLS #69996, VA Home Loan Expert

#14 in Nation for VA Loans (Scotsman Guide)

Fairway Independent Mortgage Corp NMLS #2289

Phone: 866-960-9115  Email: lgthaxton@fairwaymc.com

www.MilitaryMortgages.org 

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5 Comments on Please Do Not Quit Your Job This Week If You Are Closing On a Home Purchase Next Week!

JUL
12
370,209 Points 23 Featured Posts Outside Blog Called Shot Master

I wrote a blog on not buying furniture and cars and big ticket items recently.. but this one takes the cake! 
6:43pm • #1
417,101 Points 13 Featured Posts Called Shot Master

Sorry you lost this one Louise, seems to be such a common theme in real estate, buying too much or changing jobs on the eve of closing.
7:04pm • #2
276,681 Points 14 Featured Posts Outside Blog Called Shot Master

nice photo pulling the hair! that's what we do.. but been pulling out too much lately!
8:20pm • #3
1,333,751 Points 128 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

That is the perfect photo describing this situation. Good reblog. Common sense is NOT so common.

Margaret
8:25pm • #4
157,566 Points 6 Featured Posts Outside Blog Called Shot Master

Lynn - thanks for the re-blog!  And thanks for spreading the word to your buyers - we just need to say it again, and again, and again!
8:31pm • #5


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Lynn B.Friedman 404.939.2727 Atlanta GA REALTOR - CDPE/Short Sales - ODAT Realty

Atlanta, GA

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