Things You Need to Know When Purchasing Your Home

Things you need to know when PURCHASING a home

  • Do not have anyone else pull your credit
  • Do not cosign anything for anyone
  • Do not open any new accounts, make any big purchases on credit or increase balances on charge accounts
  • All credit disputes to be removed
  • Make all your payments on time
  • All large deposits need to be documented. No large cash deposits into accounts – Ask your loan officer what you can do if you have “cash in the mattress”
  • Keep your job. Any interruption of income can cause your loan to be declined
    – Maternity leave
    – Changing jobs
    – Temporary unemployment
  • Homeowners insurance needs to be paid in full before the closing
  • If you rent start paying in check. Easier to get qualified if you can prove you have been paying rent on time for 12 months. – Not a deal breaker
  • In order to meet your closing date you must be able to get us what we requested as quickly as possible

If you find yourself in a situation that meets one or more of the above contact your loan officer immediately. Together you might be able to work something out.

Below is a typical list of items required when applying for a mortgage or getting Pre-qualified:
– Two years of tax returns (all pages) and W-2’s
– One month of paystubs
– Two months of bank statements, all pages
– Any pension, retirement etc, two most recent statements all pages

 

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