Pennsylvania First Time Home Buyer Assistance

Usually First Time Home Buyers Don’t know all the “rules” of what to do or what not to do during the home buying process.  Here is a short list of “Don’ts” for you to look at when applying for financing for your new home.

THE  DON’Ts!!!  

Don’t deposit CASH into your bank accounts!
Please call your loan officer BEFORE you deposit any funds!

Don’t buy or lease an auto!
Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

Don’t move assets from one bank account to another!
These transfers show up as new deposits and complicate the application process because you must disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

Don’t change Jobs!
A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.

Don’t buy new furniture or major appliances for your “new home!”
If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.

Don’t close credit accounts or consolidate bills!
Capacity is King. The more available credit you have,The better your credit score.

Don’t pack or ship information needed for the loan application!
Important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

Your Real Estate Agent and Loan Officer may have more things you should not do when looking for your dream home, so give me a call today.