These are things "not to do" Â if you are planning to finance your new home.
- Avoid collections and charge off. Keep creditors at bay until you get the new mortgage loan.
- Avoid credit counseling. Credit scores will drop sharplyÂ
Â Â and it may prohibit you to get a mortgage.
-Avoid opening any new credit.Â This can really hurt your overall credit score.
-Avoid new excessive charges on existing credit lines. This can hurt the overall credit scores
Â lowering qualifying amount or not qualify at all.
- Avoid large or out of the ordinary deposits.Â Having your down payment, closing costs and
Â reserves in verifiable accounts areÂ a must.Â Cash is not a source of funds. If is possible all
Â funds should be seasoned for at least two months. Gifts from family is fine but, must beÂ
Â sourced as well
Â - Avoid not having 24 months employment history.Â All gaps and employmentÂ variances must
Â Â beÂ explained.
- Avoid not having Housing history for the past two years.Â It has to be verified and cancelledÂ
Â checks if required to verify timeliness of payments and amounts.
Century 21 Tenace Realty
Cell: 954 240-5521www.Flahomespecialist.com