DON'T spend the money you have on hand. This one happens more often than you might imagine. When you fill out an application - and say you have $31,500 in your savings account and $12,000 in your checking those numbers are verified and your closing costs/down payment has to come from that. If you bring a check from some account you never told your loan officer about that will halt the closing until those funds can be verified.
DON'T charge anything on any credit. First time buyers are the worst. They hear the words "your mortgage application is approved" and they're so excited, they immediately start applying for credit cards (often to buy furniture for their new home).
DON'T make any large deposits you can't provide a paper trail on. Usually on deposits over $500, you'll have to provide a verifiable paper trail of where that money comes from. The purpose of this is to show an interested party is not giving you the funds to make it happen. You can get a gift from a relative or "significant other" provided those funds are traced as well. In that case you need a specific letter - you can get the form from your loan officer.
DON'T quit your job. I know, this seems like a no-brainer, but it needed to be said. Time your changes to make sure they don't interrupt or kill your chances at getting that new home!
Sure, there are other ways to blow it but these seem to be the most common and should also be the most obvious.
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