Do and Don’ts from a Realtor perspective

September 12, 2017

Do and Don’ts from a Realtor perspective

  1. Do not assume you do not qualify to by a home

    1. Do not listen if a bank tells you they have a fico requirement of 640 VA has no fico requirement
    2. Do not listen to your neighbors version
    3. VA loans are special and chances are you do qualify
  2. Do not start paying off debt in order to qualify
    1. Get a very specific set of directions from your lender as to what specifically to pay off or down
    2. You may be wasting money paying down/off debt that you should leave alone
    3. Do not pay a high monthly charge to “fix” your credit score
  3. Do not let past credit problems convince you that you do not qualify
    1. Call a mortgage bank that specializes in VA loans with low fico scores
    2. VA loans have different wait periods and lots of exceptions
  4. DO not hold back or filter the information you give the loan officer. Tell the whole truth
    1. Full disclosure allows more time to solve problems
    2. We are going to find out anyway
    3. Do not trick the Loan officer into giving you an approval. Loans are approved by underwriters
    4. Filtering information causes unneeded delays
  5. Do not change incomes sources or amounts if you can help it
    1. Do not change jobs or get transferred
    2. Do not changes job title within the company
    3. Do not change income sources or amounts
  6. Do not run up credit cards or take on other debts
    1. Credit report is pulled the day of funding to check account balances and monthly payments. That could get you turned down
    2. Keep the same scenario the underwriter has already approved
  7. Do not change down payment sources or amounts
    1. Discuss sources and amounts for down payments at the beginning of the loan process
    2. Gift has to be sourced and seasoned with 2 month’s bank statements from the grantor
    3. Watch the 401k restrictions
    4. Seek the 401k “hardship” information
  8. Do not think the lender is out to get you
    1. They are there to help they are on your side
  9. Do not act like you know everything
    1. Ask questions when you do not understand
    2. Do not fight over every lender request
    3. Know what you do not know/get out of your own way
    4. Get requested documents and information asap
00:0000:00

Facebook Comments: