*WARNING* Home Loan Killers

By
Real Estate Agent with Mike Bowman

 WARNING:  Home Loan Killers

1. Do not let anyone pull your credit except for loan officer. Your credit score can go down if they see multiple inquiries.

2. Do not make any major purchases. Wait until after you close on your home to buy a car, furniture, lawn mower, etc. 

3.  Do not charge on credit until you close on your home.

 4. Don't spend all your cash. Save money for down payment, 3.5% on FHA Loans.

5.  Don't put "unexplained money" in the bank. you can't borrow money for a down payment (only a gift)  unusual deposits will cause red flags.

6. DON'T CHANGE JOBS!!!!!

Comments (5)

Sidney Kutchuk
Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745 - Temecula, CA
Property Management & Sales Experts 951-217-6745

#6 Don't change or lose your job!

Apr 24, 2011 04:54 PM
Cheryl Brewer
Mike Bowman - Grapevine, TX
Selling Homes since 1997

good one!!

Apr 24, 2011 04:58 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Cheryl. 

I once had a Buyer purchase a new car the day before Closing.    The Lender pulled the Credit Report just before Closing.   The Lender got the Payment information.  The Car Payment wrecked the Buyer's ratios and killed the loan, and the sale.     :(

Apr 24, 2011 05:06 PM
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Hi Cheryl, excekkent input for home buyers in this loan market!

Apr 24, 2011 05:17 PM
Cheryl Brewer
Mike Bowman - Grapevine, TX
Selling Homes since 1997

that is SAD Fred!!!  thank you Dan!

Apr 25, 2011 03:48 PM