Underwriting can be tricky and almost feel like a part time job. Keep in mind that the paper trail is the only thing the underwriter is concerned with. All documents must align so that they can sell your loan to an investor after you close on the home. Fannie Mae, Freddie Mac and FHA are some of the largest investors in the market and these loans must follow their guidelines to be considered. Here is a checklist to keep in mind as you forego this process over the next 30-40 days
1. Make sure all documents such as updated paycheck stubs are turned in as you get them
2. avoid all cash deposits in your personal and business accounts
3. Save money!
4. Avoid charging or purchasing new items on credit (Don't buy anything!)
5. Follow up with your loan professional frequently on missing documentation
6. Make sure your appraisal is ordered
7. Keep in contact with your seller's agent on your loan process (open communication is key)
Remember, this is more like a part time job for you that is temporary but will surely be rewarding in the future!
Melissa Mechelle Wilson
Licensed Real Estate Broker
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