Homebuyers need to provide their loan officer with a variety of documents that verify your eligibility to purchase a home. There are many things to consider when searching for the perfect home.
Do include accurate financial information when applying for a loan
Do save money specifically for your down payment so that you can afford to put down at least 20%
Do honestly input your financial and personal information
Do consistently communicate with your loan officer and ask any questions prior to making any purchases
While there are a number of tasks that must be completed during the homebuying process, there are a number of things that must be avoided.
Don’t apply for more credit cards or additional loans
Don’t do anything that could affect your current income such as quitting or changing your current occupation.
Don’t make any other large purchases, as all of your financial history will be reviewed
Don’t make any major financial changes that could affect your eligibility for a loan