Before you Buy a Home...
Here are a few short tips you should consider before buying a home:
Don't change jobs -- Lenders like to see a steady income flow over a certain period of time, usually 1 year or more. If you are thinking about becoming self employed, don't do it until after you buy your home! For self employed individuals, lenders like to see a two year minimum of steady income. This is the same for commission based jobs.
No Major Purchases -- Any major purchases you make (such as a car), will significantly lower the amount you can qualify for in the eyes of any lender.
Don't move Money Around -- You may have a need to transfer money to and from different accounts as you prepare to make a down payment, or pay for closing costs. Be careful! The Lenders look at all of this activity and will want a complete paper trail for all of it. They will want to make sure that the source for all of your funds is legitimate. Save yourself the hassle and try to make any transfers or large changes to your accounts at least 3-4 months before buying.
Until Next Time...
posted by Justin Smith @ 1/13/2005 11:04:00 PM
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