Applying for a Home Loan and Knowing the DO’s and DON’Ts – PART 1 of 2

  • DO … Understand that things have changed! Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask for it.
  • DO … Keep all your financial records in good order and readily available in case updates are required by your lender.
  • DO … Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new paystubs as they are received.
  • DO … Continue to save and keep organized all incoming account statements for your assets. Retain all numbered pages of each statement.
  • DO … Remember that if you’re receiving any gift money from relatives, your relatives will need to sign a gift letter that is typically provided by your lender. Additionally, since the funds must be “seasoned”, your relatives will also need to provide an account statement showing the source of those funds.
  • DO … Keep in mind that if you’re renting a home, continue paying your rent on time and be sure to save proof of your monthly rent payments. If you’re selling your current residence, be prepared to show your closing disclosure. If you’re leasing out your home, you may need to show adequate equity, a written lease for your tenants and receipt of the tenant’s first month’s rent and security deposit.
  • DO … Avoid applying for any new credit or any deferred payment plans as it can affect your debt to income ratio and possibly your credit score.
  • DO … Keep your credit “Shining and Spotless” by continuing to make ALL payments on time. Your credit report may be pulled again and any negative change to your score could cause you to lose your approval AND your future “Dream Home”.

We hope you found this post to be helpful, informative and interesting … Be sure to watch for Part 2 of the Applying for a Home Loan and Knowing the DO’s and DON’Ts.

Thinking of SELLING or BUYING a home in the Spring Hill, Brooksville, Weeki Wachee or the Hernando Beach areas of Hernando County, Florida? Be sure to see what Hernando County has to offer you and your family! Visit to explore our state-of-the-art MLS Map Search Feature where BUYERS can SEARCH MLS listings and SELLERS can SEE what their competition is doing!

Until then… it’s all about YOU!

About Gail Spada

Gail Spada’s real estate career began in 1990 and it didn’t take long for Gail to discover her love for the industry. In 2001, she began her real estate sales profession with Century 21 Alliance Realty in Spring Hill, FL. Gail has worked diligently to stay on top of her game. She is a Florida Licensed REALTOR® and has earned the following designations/certifications to include: GRI (Graduate Realtor Institute), ePRO (Internet Savvy Real Estate Specialist), AHWD (At Home With Diversity – One American) and SFR. It is that well-rounded training and experience, coupled with her intimate knowledge of the Hernando County real estate market, that enables Gail to deliver results to her customers.