While your loan is in process there are a few housekeeping tips to remember, from Rebecca, our office PHH/Coldwell Banker Home Loans Mortgage Advisor…
1)Please do not incur any new debt while your loan is in process including increased credit card debt.
2) If you are retaining another home you will need 6 mths reserves for each retained home (these funds can be from your 401k)
3) If you are not retaining a home you will need only 2 mths reserves for conventional financing
4) Any large deposits other than your pay check into your bank account will need to be sourced and documented. Along with a letter of explanation.
5) Gift funds are acceptable as long as you have 5% of your own funds.
If you are buying new construction please send in updated bank statements each month and a updated pay stubs.
6) If there is a change in your job please notify us immediately. (we will need 30 days worth of pay stubs)
7) If you gave earnest money to the builder or agent to purchase a home, please send in the bank statement (s) showing those funds clearing your account.