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Mortgage Advice, did you know ?

Sunday, January 13, 2013 - Article by: MICHELLE DEMA - Embassy Funding LLC NMLS FL 1449883 & NY 854225 - Message

Remember when you decide your ready to search for a home, it is extremely important to speak with a mortgage pro as well. Here are two tips to help you get your financing without hassles.

Lenders will ask for your last two months of bank statements for any accounts you will be using the funds from for your purchase, whether for down payment, closing costs or reserves. Fannie Guidelines say any cash deposits over 1000.00 need to be sourced, meaning you need to prove where the cash came from. If you can't prove where it came from the lender will not allow you to use any money from that account ! My experience has also taught me that some lenders will ask about deposits less than 1000.00 so be careful with the accounts you will be using for your transaction.

Debt to income is probably one of the most important factors when going to buy a home. The magic # is 45% for conforming loans. Once you are pre approved or approved for your mortgage, do not add any debt to your credit. If you do, it could put you over the allowable threshold and cause you to get denied. Make sure you speak with your mortgage pro before doing anything that you think might impact your credit or debt to income at all.

If you are anyone you know is looking for home financing, have them give us a call ! 201-962-3555 Ask For Michelle or Benny

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