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Maria E. Cipollone's Blog

By Maria Cipollone | Agent in Coral Springs, FL

What not to do when you need to finance your new home.

These are things "not to do"  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 sharply 
  and it may prohibit you to get a mortgage.
-Avoid opening any new credit.  This can really hurt your overall credit score.
-Avoid new excessive charges on existing credit lines. This can hurt the overall credit scores
 lowering qualifying amount or not qualify at all.
- Avoid large or out of the ordinary deposits.  Having your down payment, closing costs and
  reserves in verifiable accounts are a must.  Cash is not a source of funds. If is possible all
  funds should be seasoned for at least two months. Gifts from family is fine but, must be 
  sourced as well
 - Avoid not having 24 months employment history.  All gaps and employment variances must
   be explained.
- Avoid not having Housing history for the past two years. It has to be verified and cancelled 
  checks if required to verify timeliness of payments and amounts.

Maria Cipollone
Century 21 Tenace Realty
Cell: 954 240-5521


By Cecilia Marquez,  Tue Dec 4 2012, 22:45
As usual. Great advice.
By David Brady,  Tue Dec 4 2012, 22:58
I love your comments. Very informative.
By Melany Morgan,  Thu Dec 6 2012, 06:01
Very informative. Thanks.
By Rodolphe Gianni,  Thu Dec 6 2012, 06:55
Great tips.
By Paolo Rossi,  Sat Dec 8 2012, 07:18
I like your comments. As usual very informative. Thanks.
By Patrick Viale,  Sat Dec 8 2012, 08:09
Thanks for your blogs. I made my real estate transaction easy to understand.
By Melany Morgan,  Sun Dec 9 2012, 07:44
Is easy to obtain a mortgage loan if you follow all this steps.

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