Loan qualification has changed and is much different than it was even last year. New home buyers need to be aware of this and be careful not to take the wrong steps that could adversely affect getting qualifed for the loan that they need. Here are the new "10 Commandments for Getting Qualified for a Loan".
1) Thou shalt not change jobs, become self employed or quit your job.
2) Thou shalt not buy a car, truck or van (or you may be living in it)!!
3) Thou shalt not use credit cards excessively or let current accounts fall behind.
4) Thou shalt not spend money you have set aside for closing.
5) Thou shalt not omit debts or liabilities from your loan application.
6) Thou shalt not buy furniture.
7) Thou shalt not originate any inquiries into your credit.
8) Thou shalt not make large deposits without checking with your loan officer.
9) Thou shalt not change bank accounts.
10) Thou shalt not co-sign a loan for anyone.
These ARE the new 10 commandments for getting qualified for a mortgage loan
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