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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