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How to Make Sure your Home Purchase Goes Smoothly | Omaha NE Homebuyer’s Guide

Navigating the purchasing process can also be a minefield… Unless you’re well prepared.

All the stories you have heard about a home loan are true…Well a lot of them. It is a complete, and some times frustrating, audit of your finances that continues right up to the close date. We will provide you with expert concierge service throughout the home buying process, but here are some things to know so you can help it go smoothly.

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Income

We verify your income before we issue a pre-approval letter. That is a review of your base income, any overtime or bonus, and, if self-employed, a complete review of your last two years tax returns. AND we will do a final verification of employment a day or two before closing. We have had buyers change jobs in the middle of the loan and not tell us because they thought we had already verified employment. That is a big no-no. Make sure to keep your employment the same throughout the loan. If something is going to change we need to know about it as soon as possible so we can make adjustments early.

Credit

We do a complete tri-merge credit report. That is a hard pull of all three credit bureaus. We will do a complete review before issuing a pre-approval letter. AND we will do a final soft pull right before closing to make sure you have not taken on any new debt or opened a new account. This can delay or decline your loan. It is important you not open or take on new debt until we have closed on your loan.

Assets

We are going to do a full review for the last 60 days of your asset statements. The Patriot Act requires that any large non-payroll deposits be explained and documented. If you got a pile of cash from your parents do not deposit it. I cannot document cash and if I can’t document it I cannot use it. The definition of a large deposit used to be vague, but it is generally considered half your monthly gross income (an underwriter can ask for documentation of lower amounts in certain situations). We admit this is invasive and a bit violating of your privacy, but the Patriot Act does not allow wiggle room on this. If a large deposit traces back to an account with more large deposits we can get in a “rabbit hole” of verifying more deposits. It is important we go through all these deposits as early as possible.

Bonus reminder!

Check your driver’s license. If it is expired or expiring before close make sure to go an update it. Title will require a valid license at close.

Contact us…We can help!

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