If you’re preparing yourself to buy a home, take a look at some DO’s and DONT’S.
DON’T MOVE YOUR MONEY
—Leave your money right where it is (same bank,
same account) until your loan is closed.
—Don’t make unsourceable cash deposits (hard to
trace, hard to explain) to your bank account.
—Deposits to your account that aren’t payroll or
direct deposit income must be documented and
—If you receive tips, keep a daily tip log to match
your bank deposits.
—If you sell personal property, like a car, you must
prove that you owned the vehicle to begin with
via a registration or receipt. When selling, you
must keep a copy of the bill of sale and certified
—Don’t co-sign anything for anyone.
—Don’t spend money that you’ve saved for your
—Don’t use cash or money orders for your builder
DON’T MAKE MAJOR PURCHASES
—A high-ticket consumer purchase, like a car or home theater
system, can crush your ability to afford a home.
—Increasing your consumer debt or, if you pay cash, decreasing
your cash reserves could jeopardize your loan approval
DON’T CHANGE JOBS
—Changing jobs before or during the loan process will slow your
loan approval, especially if the job is in a different line of work
or at a lower rate of pay. More information must be verified.
—If you’re an hourly employee, don’t work fewer hours. Updated
pay stubs will be required before closing.
DON’T PAY OFF BILLS
—If it’s necessary to pay off bills to help you qualify for a loan, your loan officer will notify you. They will also show you the best
way to pay off bills so that there’s proof that the bills have
—Don’t increase your credit card balance or let your payments fall
Need to ask some specific questions?
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