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:
- Be sure to complete the application as accurately as possible.
- Do not obtain any new credit once you’ve applied for the loan (once you’re offer has been accepted).
- 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.
- Make sure you have your down payment in an account for at least 60 days.