FHA DO’S and DON’T’S During the Loan Process
During the processing of your loan there are certain “DO’S” and “DON’TS” which may affect the outcome of your loan request. These “DO’S” and “DON’T’S” remain in effect until your loan is approved, closed and funded. It is typical for the following to be re-verified prior to and after you have closed: credit, income, assets and employment verification.
MAKE SURE YOU DON’T:
- Quit or change employment.
- Allow anyone to make an inquiry on your credit report or dispute any existing accounts.
- Change bank accounts or make any of the following types of deposits:
- take out a loan or cash out a credit card and deposit the funds in your account
- Make any cash deposits
- Co-sign for anyone to get a car, credit card, etc.
- Purchase a vehicle or take out any new debts
- Purchase any other real estate
- Charge any additional debt on any current credit accounts
- Apply for credit anywhere or complete any other credit application.
MAKE SURE YOU DO:
- Call us anytime a question may arise
- Keep copies of your pay check stubs
- Make payments on all accounts on or before due dates to keep accounts current and in good standing.
- Make the following types of acceptable deposits:
- Regular payroll, retirement, disability check or child support deposits
- Transfer from other accounts such as savings, 401k, IRA, Stocks, where you can provide a copy of the proof of transfer and statement showing money coming out of one account and into the other.
- Gift funds from a family member where you can provide a copy of the check, their bank statement showing funds coming out of their account and your statement showing funds going into your account.