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June 13, 2011 / C. King

I’m pre-approved and found my house…so now what? (Tips for obtaining loan approval without conditions)

I recently realized that some people may not understand the rules of their finances once they are pre-approved for a loan.  I’m writing this post to help you understand what you must do to obtain full loan approval without (or with minimal) conditions…and close ON TIME!

We are still in a time where banks (and the FHA) are super strict on their requirements for obtaining a mortgage.  As a result, you must be very careful with your finances once it’s been determined that you’re pre-approved.  Every loan and situation is slightly different but here are a few things that you should be aware of:

  1. Be sure to complete the application as accurately as possible.
  2. Do not obtain any new credit once you’ve applied for the loan (once you’re offer has been accepted).
  3. If you’re obtaining a conventional loan, check with your lender to see if there is a certain amount of money you must have in your reserves.
  4. Make sure you have your down payment in an account for at least 60 days.

 

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