The Ten Commandments for Financing a Home.

1. Thou shalt not change jobs, become self-employed or quit your job. Longer employment time shows stability and a reduced likelihood of default.

2. Thou shalt not buy a car, truck or van (or you may be living in it)! This will increase your debt to income ratio.

3. Thou shalt not use charge cards excessively or let your accounts fall behind. This shows poor money management and an increased risk of default.

4. Thou shalt not spend money you have set aside for closing. It costs money to borrow money - make sure you have enough.

5. Thou shalt not omit debts or liabilities from your loan application. This is tantamount to fraud - never a good thing!

6. Thou shalt not buy furniture or other big ticket item on credit. Like buying a car, this increases your debt to income ratio.

7. Thou shalt not originate any inquiries into your credit. The algorithm is a secret but you'll get dinged a few points for most inquiries.

8. Thou shalt not make large deposits without first checking with your loan officer. Money needs to "season" in your bank account, typically for 60 or more days.

9. Thou shalt not change bank accounts. A strong banking history, like a strong employment history, shows stability.

10. Thou shalt not co-sign a loan for anyone. Like buying cars or furniture, this increases your debt to income ratio.

Brought to you by:
Sharon Evans, RE/MAX Town & Country
and
Dee Estrada
Senior Loan Officer
Office 404-574-2629
Cell 678-462-5223
Dee.Estrada@academymortgage.com