If you’re buying a home today, there is credit available, but you have to prepare for an anal exam. I don’t care who you are, how good your credit is or how much money you make. You are going to get examined – deeply.
It’s important you work with a good loan officer who can guide, advise and coach you through the process. Listen to them. If you don’t, the process will only be more painful. You’re going to be asked for things that you’ll find absolutely insane. Depending upon your credit profile, you better be very careful about significant deposits made in to your accounts or even relatively large purchases. Each and every one of those transactions will likely need to be explained to the underwriters.
Your mortgage application and approval is one big, massive legal liability for the lenders so they are scrutinizing absolutely EVERYTHING.
Prepare for the examination.
- 5 Questions to Ask Yourself Before Buying a Home (thomasperrella.wordpress.com)
- Don’t Believe These 3 Mortgage Myths (moneyning.com)
- 5 People Who Shouldn’t Buy a Home (theindustrycosign.wordpress.com)
- Buying a Home is Cheaper Than Renting in Most Cities – CNN Money (johnmurphyreports.com)