The Homebuyer’s “Ten Commandments” When Applying for a Home Loan

Have you noticed those new HRBlock commercials that show people asking those crazy but sincere questions like, “Can I claim my 30-year-old son as a dependent?” or “Do I get to write off my dining room table as a business expense?”

If you’ve got those same questions about the home buying process, we’ve got some solid answers on what NOT to do. Even if you’ve already owned a home and are ready to start looking for your next place, here are some very important “DO NOTs” to take into consideration:

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!

3. Thou shalt not use charge cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy furniture.

7. Thou shalt not originate any inquiries into your credit.

8. Thou shalt not make large deposits without first checking with your loan officer.

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone.

If you have any questions at all about whether or not something could affect your ability to buy a home, please contact us first. We’ll be happy to help!

posted: Mar 24, 2010 | No Responses

Posted by:  Wakamo & Associates

Melissa Wakamo and her dynamic team of agents and support staff provide buyer and seller clients with exceptional service and proven results. Since the start of her real estate career in 2004, Melissa has proven to be a true advocate for her clients and has consistently performed in the top 1% of agents

“When I started my real estate career, I wanted to work in my local community and get to know my neighbors. Now, I realize how important that local expertise is to our clients. At Red Robin REALTORS®, all of our agents are specialists in working with buyers and sellers in Atlanta’s intown neighborhoods.”

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