DO make sure your employment history and residency history are 100% complete and accurate on the loan application. Please add exact dates of employment, addresses for employers and HR contact’s info.
DO detail ALL the properties you own in the US, regardless of if there are paid in full or financed. There will be a report run to determine ownership in other properties nationwide and you will have to document it at that time, which can cause delays.
DO get your homeowner’s insurance firmed up at the beginning of the process.
DO figure out where and when the closing will be. If you will be out of town or out of the country, those situations require extra planning. Don't wait until later in the process to figure that process out.
DO NOT use cash for earnest money or deposit large sums of cash in your bank accounts. If you can’t prove (with documentation) where the money came from you won’t be able to use it for cash to close or earnest money.
DO NOT move money around between accounts within 60 days of your first deposit on a property. All money will have to be sourced going back 60 days from deposit. Any large deposit going into an account used for funds to close the loan will have to be sourced with documentation.
DO NOT use borrowed money or lines of credit for cash to close. This is not allowed in most circumstances.
DO NOT open new credit.
DO NOT change jobs during the loan process.
DO NOT make large purchases on your credit cards.
DO NOT dispute anything before or during the loan process.
DO NOT let other people, not on our loan, contribute anything without getting it approved though us, some loans do not allow gifts and others have limits on how much you can get and from whom.
DO NOT submit one set of bank statements and wire earnest money or cash to close from another account. This will cause major issues and the money will have to be backed out of the transaction and re-wired from the correct account.