Our United Faith Mortgage Team gets asked all the time, what are the steps we should take prior to purchasing our first home?
Even if you have good credit, you should keep your finances shipshape until closing so that lenders won’t think twice.

1. Don’t Change or Quit Your Job – You want to show lenders stability, which means you’ll be less likely to default on the loan.
2. Don’t Change Banks – As with your employment, you want your banking history to show stability.
3. Don’t Finance a Car – Buying a vehicle or any other form of transportation through a loan increases your debt-to-income ratio.
4. Don’t Make ANY Large Purchases – Charging big ticket items also increases your debt-to-income ratio
5. Don’t Be Late With Payments – You need to show a track record of responsibility.
6. Don’t Make Large Deposits – Lenders like to see your down payment sitting in your account for at least 2 months.
7. Don’t Lie On Your Application – Sounds simple right? Don’t leave out any debt or liabilities or fudge your income…it’s fraud.
8. Don’t Co-Sign a Loan For Anyone – Even if you’re not making payments, it will increase your debt-to-income ratio.
9. Don’t Check Your Credit Or Apply for New Credit Cards – Looking for new credit translates into a higher risk for lenders.
10. Make Sure You Have Your Funds For Closing – Part of the price for financing your home is closing costs. Be sure you have the funds available at closing.

Our Team at United Faith Mortgage can guide you through the Home Buying Process while offering honest answers and the Christian Lending touch that our clients have come to trust and value.