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Helpful Do's and Dont's

No moment is simultaneously more exciting and intimidating than buying your first home. It’s probably the biggest purchase you’ll ever make, so why trust just anyone to help you make it? At Net Zero Construction, we take the extra time and care to make your home-purchasing experience a good one.

DO's

  • Keep copies of earnest money and option/upgrade deposit checks, along with bank statements that verify the checks cleared your account.
  • Keep originals of all pay stubs, bank statements, and other important financial documentation. Mortgage companies are required to update any documents older than 180 days prior to closing your loan.
  • Provide all documentation for the sale of your current home – sales contract, closing statement, employee relocation/buyout program.
  • Notify your loan officer if you plan to receive gift funds for closing costs.
  • Notify your loan officer of any employment changes – new employer, recent raise/promotion, transfer, pay status, movement from salary to commission, etc.
  • Continue to pay your mortgage or rent and all other bills on time.
  • Provide all requested documentation promptly.

Don'ts

  • Allow any unnecessary credit checks.
  • Change jobs without asking about the impact it might have on the approval/approvability of your loan.
  • Make major purchases during or prior to closing – new car, furniture, appliances, electronics, etc. This may impact your qualification ratios, so have your loan officer calculate what your ratios would be with any additional debt.
  • Obtain and/or deposit unusually large sums of money without notifying your loan officer. FNMA/HUD guidelines require documentation of the source of these funds – copy of bonus check, tax refund, insurance settlement, gift letter with copy of check and de
  • Close, open, or transfer any asset accounts without acquiring proper documentation required for your loan life. If you transfer all the funds in your stock account to your savings account, documentation is required.
  • Open or increase any liabilities, including credit cards, signature loans, etc. Check with your loan officer for any documentation that will be required and what impact it could have on your qualification ratios.
  • Pack, ship, or discard any of the documentation provided in support of your loan that may be required at a later date – W-2’s, tax returns, bank statements, divorce decree, DD214 (if applicable), etc.

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