• DO … Understand that things have changed! Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask for it.
• DO … Keep all your financial records in good order and readily available in case updates are required by your lender.
• DO … Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new paystubs as they are received.
• DO … Continue to save and keep organized all incoming account statements for your assets. Retain all numbered pages of each statement.
• DO … Remember that if you’re receiving any gift money from relatives, your relatives will need to sign a gift letter that is typically provided by your lender. Additionally, since the funds must be “seasoned”, your relatives will also need to provide an account statement showing the source of those funds.
• DO … Keep in mind that if you’re renting a home, continue paying your rent on time and be sure to save proof of your monthly rent payments. If you’re selling your current residence, be prepared to show your closing disclosure. If you’re leasing out your home, you may need to show adequate equity, a written lease for your tenants and receipt of the tenant’s first month’s rent and security deposit.
• DO … Avoid applying for any new credit or any deferred payment plans as it can affect your debt to income ratio and possibly your credit score.
• DO … Keep your credit “Shining and Spotless” by continuing to make ALL payments on time. Your credit report may be pulled again and any negative change to your score could cause you to lose your approval AND your future “Dream Home”.

We hope you found this post to be helpful, informative and interesting … Be sure to watch for Part 2 of the Applying for a Home Loan and Knowing the DO’s and DON’Ts.

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Until then… it’s all about YOU!