Don’t mess with your credit or change employment

[freeway]

I myself have had two different buyers in the past year or so that were stopped cold in their path to purchasing a new home. In a nutshell, the escrows had progressed to within a day or two before the closing. In both cases, the lenders re-checked the buyers credit and employment status just minutes prior to funding the loan.




1. The first couple had just charged new appliances to their credit card the day before. In doing so, they knocked their qualifying ratios out of whack just enough to destroy their loan package.




2. My second buyer either quit her job or was fired on Wednesday.When the lender checked with her employer on Monday, all bets were off! No job, no loan.


DO NOT increase your credit card balances and or loan balances
DO NOT apply for additional or new credit, or put balances on a paid credit card
DO NOT ignore late payments and/or collection notices that during the course of your loan
DO NOT purchase anything that is “the same as cash” – it will show on your credit report as a debt
DO NOT buy furniture, cars, or appliances until after closing. What good is furniture if you don’t have a new home to put them in!
DO NOT lend money to family members, friends, etc. if you need it for closing.
DO NOT store your money at home. Place it in a bank account so that it can be documented as savings throughout the loan process.
DO NOT have overdrafts on your checking account.