It may not be valid from day one, I estimate that 30% of the â€œbuyersâ€ in my market that are walking around with pre-qualified letters are not eligible for the loan they are seeking. Many loan officers pull credit and ask a few questions about income and never look at any support documentation.
Most buyers do not want to take the time to gather a few simple items or complete the application as it should be done. They simply do not think it is important, how odd donâ€™t you agree? Single largest financial obligation in their life up to that point and they wonâ€™t send over a pay stub let alone the other documents or take the time to sit down with their lender to go over everything. Protect yourself, do it right from the very beginning. Mistakes are costly when buying a home, appraisals, inspections, etc. are not cheap. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time