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The DO's
* DO keep originals of all pay stubs, bank statements, and other important
financial documentation. You may be required to update documents more than
30 days old, prior to closing on your home.
* If you're selling one home and purchasing another, DO provide all
documentation for the sale of your current residence: sales
contract, closing statement, employee relocation documents, etc.
* DO notify your loan officer if you plan to receive gift funds for
closing costs.
* DO notify your mortgage loan officer of any changes in employment
status, recent raises and promotions, transfers, change of pay status
including salary to commission scale, etc.
The DO NOT's
* DO NOT change jobs or employers
without inquiring about the impact such a change may have on your loan
approval or approvability.
* DO NOT make major purchases during or prior to closing...including new
cars, furniture, appliances, electronics, etc. These purchases may impact
your ability to qualify for your loan because the new debt may affect your
"income to debt ratios", or your credit scores.
* DO NOT receive and/or deposit unusually large sums of money without
notifying your mortgage loan officer. FNMA/HUD guidelines require
documentation as to the source of these funds (copy of your bonus
check, tax refund, insurance settlement, gift letter, etc). If you intend
to receive gift funds toward your down payment, communicate this to your
loan officer immediately so he or she can be sure your loan program makes
provisions for this down payment source.
* DO NOT close, open, or transfer any asset accounts without
acquiring proper documentation for your loan file.
* DO NOT open or increase any liabilities including credit cards,
signature loans, etc. during the loan process. Check first with your
loan officer for any documentation required, or the impact new accounts
may have on your qualification ratios.
As your loan process unfolds, you
may be asked for additional documentation or information specific to your
personal loan file or to the loan program or product you hope to
secure. The information above is provided as a ministerial service
to prospective clients.
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