OBTAINING A MORTGAGE

DO

Keep originals of all paystubs, bank statements and other important financial documentation.  The Lender may need to update documents prior to closing.

Provide all documentation for the sale of your current home.  (i.e., sales contract, closing statements, ect.)

Notify your mortgage counselor if you plan to receive gift funds for down payment or closing costs.

notify your Mortgage Loan Counselor of any employment changes (i.e. change of employer, recent raise/promotion, transfer, change of pay status, such as salary to commission, ect.)

DO NOT

Change jobs/employer without inquiring about the impact of this change would have on the approval/approvability of your mortgage loan.

Make major purchases during or prior to closing (i.e. new car, furniture, appliances, electronics, ect.) as this may impact your qualification ratios.  Please confer with your Mortgage Loan Counselor to have him/her calculate what your ratios would be with any additional debts.

Obtain and/or deposit unusually large sums of money without notifying your Mortgage Loan Counselor.  FNMA/HUD guidelines require documentation as to the source of these funds (i.e. , copy of the bonus check, copy of the tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, ect.

Close/open any asset accounts without acquiring the proper documentation required for your loan file.  (i.e. if you transfer all the funds in your stock account to your savings account, documentation is required.)

Open or increase any liabilities, including credit cards, signature loans, ect. During the loan process.  Please check with your Mortgage Loan Counselor for any documentation that will be required and wheat impact this would have on your qualification ratios.

***Please be aware that as the loan process continues, additional information/documentation may be required.  Other program details and restrictions may apply.  This is not considered an offer to make a mortgage or extend consumer credit.  Rates and terms subject to change without notice.