Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
Glossary
Shopping for a mortgage? If you are one of the tens of thousands of
today's home shoppers, you probably have discovered that mortgage
lending has a language all its own.
For example, you've probably heard about "points",
"margins", and "repayment penalties." Should you
look for an "assumption?" What are "acceleration
clauses?" For the unprepared, this new terminology can be quite
confusing. As with any contract, before you sign your mortgage, you
should know what you are signing.
203(b): FHA program Which provides mortgage insurance to
protect lenders from default; used to finance the purchase of new or
existing one- to four family housing; characterized by low down
payment, flexible qualifying guidelines, limited fees, and a limit on
maximum loan amount.
203(k): this FHA mortgage insurance program enables home buyers
to finance both the purchase of a house and the cost of its
rehabilitation through a single mortgage loan.
Equal
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