GETTING YOUR Financial
 HOUSE IN ORDER

Paystubs are needed covering a 30 day period at your present job. If you leave a salaried job and become self-employed or commissioned you would typically have to wait 2 years. Employment verifications are always done within 5 days of closing.

Any changes to your credit report or status could negatively affect your ability to close your loan. Co-signing any type of car loan, student loans or other loans will result in inquiries to your credit and additional financial obligations.

Applying for credit to purchase a vehicle will result in an inquiry to your credit report. This will decrease your score, decrease the amount of money you can qualify to borrow and make it more expensive to do so.

Excessive use of credit cards can have negative effects on your score. Inquiries alone and balances greater than one third of the available credit limit can also lower your credit rating. Any late payments will lower your score significantly regardless of the amount due.

Having enough for down payment and closing costs is critical, but so are reserves after closing. Spending this money prior to closing could result in a denial.

Be very honest about all of your debts and liabilities early in the loan process. Everything is checked and double checked so they will likely turn up at some point and could jeopardize your loan.

Large purchases causing deductions in your bank account, inquires on your credit report, or additional debt on your credit cards could cause your closing to be delayed or denied. You must wait until after you close.

As mentioned before, multiple inquires on your report will decrease your score. Credit is always refreshed within 7 days prior to closing and inquires will result in more documentation being required which may delay your closing.

Abnormal deposits or large deposits other than regular payroll into checking, savings or any financial account must have sources verified and will result in more documentation being required.

Your lender may ask for proof of income, spending, or identity during the home loan process. Unless you maintain paper statements, it may be difficult to print copies of recent statements.