DO'S
DO keep originals of all pay stubs, bank statements, and other important financial documentation. Embrace Home Loans is required to update any documents that are over 30 days old prior to the closing of your mortgage loan (this is required even if your loan is approved).
DO notify your loan officer if you plan to receive gift funds.
DO notify your loan officer of any employment changes (i.e., change of employer; recent raise/promotion; change of pay status, such as salary to commission, etc.
DO continue making rent payments and stay current on all accounts.
DON'TS
DON'T change jobs/employer without inquiring about the impact this change would have on the approval/approvability of your mortgage loan
DON'T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics) because this might impact your qualification ratios. Please confer with your loan officer to calculate what your ratios would be with any addition to debts.
DON'T obtain and/or deposit sums of money over $500 without notifying your loan officer. FNMA/HUD guidelines require documentation as to the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.).
DON'T close/open or transfer any asset accounts without inquiring about the proper documentation required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account, documentation is required).
DON'T open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. Please check with your loan officer for any documentation that will be required and what impact this would have on your qualification ratios.
For all your mortgage needs in Northern Virginia, call Hal!:
Hal Johnson
Direct (703) 279-8810 Cell (703) 507-1572
Blooming for home buyers in Maryland.
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