I think it’s time to remind you about the 10 Commandments of Lending.
As soon as you break one of these, youofficially sabotaged your home purchase transaction. You will have to start completely over and could possibly have to wait another year before you can buy a home. Remember the struggles from buying the home you are under contract on? Kiss that house goodbye, my friend.
1. Thou shalt not change jobs, become self-employed or quit your job.
2. Thou shalt not buy a car, truck or van (or you may be living in it)!
3. Thou shalt not use charge cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your loan application.
6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.
Study each of one of these and learn them well. Please for your lender’s, your real estate agent’s and your sanity, stick to the plan.