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The Don’ts

Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
Don’t - Change jobs/employer without inquiring about the impact this change might have on your loan.
Don’t - Deposit any monies outside of your payroll deposits, particularly cash or sale of personal property. Many guidelines require substantial documentation as to the source of these deposits.
Don’t - Open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process.
Don’t - Make major purchases prior to or during your contract, such as a new car, furniture, appliances, etc. as this may impact your loan qualification.
Don’t - Advance of any cash from a credit card or borrow funds for closing.
Don’t - Change your legal name.
Don’t - Take any unpaid time off.
Don’t - Schedule any vacation or time off for any reason if all possible before closing.
Don’t - Alter any documents in any way.

The Do’s

Do - Provide all documentation for the sale of your personal items (if any)...current home, including sales contract, closing statement, employer relocation/buy-out program if applicable.
Do – Keep all originals and have access to all of your pay-stubs, bank statements, and other important financial documents.
Do - Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.
Do - Notify your Loan Originator if you plan to receive gift funds for closing.
Do - Notify your Loan Officer of any employment changes such as recent raises, promotion, transfer, change of pay status, for example, salary to commission.
Do - Stay employed if employment income is used for loan approval.
Do - Save money to your account provided for verification of assets.
Do - Make timely payment on all current debt obligations, including any current mortgage, car, student loan or credit card.
Do - Notify loan officer regarding any changes to your employment status, (i.e., promotion/demotion, job loss).
Do - Notify loan officer of any loss of income.
Do - Notify loan officer of any depletion of funds needed to close.
Do - Notify loan officer of change of current address, phone or email.
Do - Notify loan officer of any deposit you are about to make (except your payroll check, LES, pension, SSI or income tax refund)
Do - Notify loan officer if you expect to receive a gift from relative, employer or non-for-profit organization.

Thank you,