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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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those who are first starting to look for their first home...
the mortgage broker I used posted this on facebook and i thought it would be very helpful for those who don't know the process. i also highly recommend him if you need a broker.
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Posted 6/4/14 1:06 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: those who are first starting to look for their first home...
There's no link/pic. Or is it just me?
Who did you use?
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| Posted 6/4/14 1:19 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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those who are first starting to look for their first home...
Too funny but this is great!! When we bought our first house in 2004 after the process was completed I said someone needs to make a flowchart for potential buyer or seller to follow since the process can be so confusing and convoluted. When we purchased our second home in 2007 I swear I was going to make the flowchart for any time we bought a home in the future. We are now in the final stages of purchasing our third home and I still swear that some type of flowchart would've been helpful. This was great! I don't plan on being a buyer anymore after all this is over but would have definitely been helpful!
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| Posted 6/4/14 3:57 PM |
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Teach723
Have faith. Believe. Dream.
Member since 8/10 2356 total posts
Name:
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Re: those who are first starting to look for their first home...
This may seem like a silly question but it says no cash deposits. I recently was in charge of a field trip for school. I collected the $1,440 and deposited it in the bank then charged it to my credit card which I immediately paid with the deposited money. This isn't going to be a problem is it? 
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| Posted 6/4/14 10:30 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Re: those who are first starting to look for their first home...
Posted by Teach723
This may seem like a silly question but it says no cash deposits. I recently was in charge of a field trip for school. I collected the $1,440 and deposited it in the bank then charged it to my credit card which I immediately paid with the deposited money. This isn't going to be a problem is it?
No, that is not a large amount. If they do ask you about it, you have the documentation for what it was from. They usually are talking about large deposits because they don't want you taking money from say a relative to help pay for things. As long as it can be documented, you are fine.
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| Posted 6/4/14 10:36 PM |
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Teach723
Have faith. Believe. Dream.
Member since 8/10 2356 total posts
Name:
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Re: those who are first starting to look for their first home...
Posted by KarenK122
Posted by Teach723
This may seem like a silly question but it says no cash deposits. I recently was in charge of a field trip for school. I collected the $1,440 and deposited it in the bank then charged it to my credit card which I immediately paid with the deposited money. This isn't going to be a problem is it?
No, that is not a large amount. If they do ask you about it, you have the documentation for what it was from. They usually are talking about large deposits because they don't want you taking money from say a relative to help pay for things. As long as it can be documented, you are fine.
Ok thanks! I have the credit card statement for the same exact amount. I guess I'll just print it out in case any questions are asked. Thanks again.
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| Posted 6/4/14 11:23 PM |
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Re: those who are first starting to look for their first home...
I also think the job thing could be flexible too.
I think they probably look more at overall work history, and consistent salary.
I had just changed jobs when we were looking and the bank didn't bat an eye although I was worried because I had heard this too....
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| Posted 6/5/14 5:19 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: those who are first starting to look for their first home...
Posted by KGools
There's no link/pic. Or is it just me?
Who did you use?
can you see the pic now? I used Justin Schiatta
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| Posted 6/5/14 9:25 AM |
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Re: those who are first starting to look for their first home...
Posted by MorningCuppaCoffee
I also think the job thing could be flexible too.
I think they probably look more at overall work history, and consistent salary.
I had just changed jobs when we were looking and the bank didn't bat an eye although I was worried because I had heard this too....
It's better not to change jobs, but if the job is in the same field and you are making similar money, then it's usually ok. Same field/similar job they will tack on to previous experience, but usually they want to see 2 years work history at the same job, salary, etc.
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| Posted 6/5/14 10:26 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: those who are first starting to look for their first home...
Posted by Teach723
This may seem like a silly question but it says no cash deposits. I recently was in charge of a field trip for school. I collected the $1,440 and deposited it in the bank then charged it to my credit card which I immediately paid with the deposited money. This isn't going to be a problem is it?
Nope, they're talking more about $10k than $1k. They want to be sure you aren't getting gifts from family members, for example, that you will be using for your down payment or to cover debts you may have.
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| Posted 6/5/14 11:00 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: those who are first starting to look for their first home...
Posted by Century 21 Dallow - Christine Braun
Posted by MorningCuppaCoffee
I also think the job thing could be flexible too.
I think they probably look more at overall work history, and consistent salary.
I had just changed jobs when we were looking and the bank didn't bat an eye although I was worried because I had heard this too....
It's better not to change jobs, but if the job is in the same field and you are making similar money, then it's usually ok. Same field/similar job they will tack on to previous experience, but usually they want to see 2 years work history at the same job, salary, etc.
Christine is basically right here. But every situation is different. I had been laid off and didn't work for about 7 months b/c I had a baby. I just had to write a letter for the underwriters to explain my gap. And I also showed that despite being unemployed, DH and I still kept putting money into savings and never carried debt. But I've been in the same field for 12+ years, and I was at my job for 3 years when I was laid off.
You do not want to change jobs, though, once you apply for the mortgage unless it's something like an OOS move.
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| Posted 6/5/14 11:03 AM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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those who are first starting to look for their first home...
I TOTALLY changed jobs in the middle of buying a house!
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| Posted 6/5/14 11:32 AM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: those who are first starting to look for their first home...
Posted by IansMommy23
Posted by KGools
There's no link/pic. Or is it just me?
Who did you use?
can you see the pic now? I used Justin Schiatta
No, it's my work computer... but I was able to see it when I got home last night. I got something similar from my REA and it's been very helpful at tracking our progress.
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| Posted 6/5/14 11:45 AM |
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hopingforbaby
We made a wish & you came true
Member since 2/10 2695 total posts
Name:
Me
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those who are first starting to look for their first home...
That's a very helpful chart! Buying for the first time can be so overwhelming. When we bought our apartment, my inlaws had given us a sizable cash gift to help us out (we were also newlyweds). They just had to write a letter stating that the money was a gift and was not expected to be paid back in any way. It should also be noted that we had the money for a down payment independent of their gift so I am sure that contributed to it not being an issue.
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| Posted 6/5/14 12:16 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: those who are first starting to look for their first home...
I put this is all my buyer folders that I give out the first I meet a buyer
Did I not give you one? 
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| Posted 6/5/14 2:01 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: those who are first starting to look for their first home...
Posted by Beth
I put this is all my buyer folders that I give out the first I meet a buyer
Did I not give you one?
Hopefully you correct the type-o (Underwriting)!
Just drives me nuts!
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| Posted 6/5/14 2:08 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: those who are first starting to look for their first home...
Posted by Beth
I put this is all my buyer folders that I give out the first I meet a buyer
Did I not give you one?
you probably did, but Justin posted this on facebook so thought it would be a good visual 
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| Posted 6/5/14 2:19 PM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: those who are first starting to look for their first home...
Posted by Beth
I put this is all my buyer folders that I give out the first I meet a buyer
Did I not give you one?
Beth... our's is highlighted, notes, appt dates, check-marks..... It's beat to death and we're not even in contract yet!
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| Posted 6/5/14 2:20 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: those who are first starting to look for their first home...
Some of the don'ts are a little silly.
Don't make any cash deposits - Well maybe anything larger than 5k id say. Depositing $500 cash is no big deal.
Don't make any large purchases on CCs - Why not? If you are that paranoid about large purchases, make the purchase and then just send a payment to the CC company immediately afterwards. The creditors will never know you even made the purchase.
Do not change bank accounts - Again why not? Godforbid the loan officer has to do a little extra work during an application. This is more for their convenience and has nothing to do with approval or qualification
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| Posted 6/5/14 2:52 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: those who are first starting to look for their first home...
Posted by NYCGirl80
Posted by Beth
I put this is all my buyer folders that I give out the first I meet a buyer
Did I not give you one?
Hopefully you correct the type-o (Underwriting)!
Just drives me nuts!
I stole mine from a different lender- now I am double checking lol
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| Posted 6/5/14 3:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: those who are first starting to look for their first home...
Posted by ave1024
Some of the don'ts are a little silly.
Don't make any cash deposits - Well maybe anything larger than 5k id say. Depositing $500 cash is no big deal.
Don't make any large purchases on CCs - Why not? If you are that paranoid about large purchases, make the purchase and then just send a payment to the CC company immediately afterwards. The creditors will never know you even made the purchase.
Do not change bank accounts - Again why not? Godforbid the loan officer has to do a little extra work during an application. This is more for their convenience and has nothing to do with approval or qualification
it should be don't open any new credit cards
I once had a deal almost not close over $10K worth of furniture put on a new store card- the DTI was TIGHT- the ratios were borderline
the ratios are also lower now- so I stand by this advice- most first time buyers are working on tight ratios on Long Island
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| Posted 6/5/14 3:40 PM |
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BBD322x0
LIF Adolescent
Member since 3/14 703 total posts
Name:
Brittany
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those who are first starting to look for their first home...
Thanks for sharing! 
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| Posted 6/5/14 5:44 PM |
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