05/12/2026
“Pivot, Pivot, Pivot” think about this before getting to that…
No secrets…. Ok… We need to know what is going on up-front… because (spoiler alert) we will find out and it could be when furniture is mentally moved in and days away from closing.
Here’s what a lender will need to know:
💵 Any Recent Job Changes or any Upcoming Changes to your employment 10 days prior to closing employment on the application is verified. If there is a job change, please remember the lender needs to know immediately.
💵 💵 Planning on Taking out a Loan for Down Payment or Closing Costs - Please discuss any plans to borrow any funds for closing, even from a family member or friend
**Please don’t ever borrow from a credit card or unsecured loans for any of part of the transaction. Don’t use a credit card check for the down payment – these are generally not acceptable funds for closing!**
💵 💵 💵 Bankruptcy, Short Sale or Foreclosure - these must be disclosed upfront as these could significantly impact loan approval.
💵 💵 💵 💵 Ownership in any other Properties or Land - All properties… even if owned free & clear or co-signed need to be disclosed. Payments for property taxes, homeowners insurance or monthly association need to be accounted into debt to income ratios.
💵 💵 💵 💵 💵 Tax Liens, Unpaid Taxes or any Federal Debt - back taxes owed or have a payment plans with the IRS need to be disclosed.
💵 💵 💵 💵 💵 💵 Lawsuits or Legal Obligations Any pending lawsuits or have any legal financial obligations will need to reported them as this might impact financial standing
💵 💵 💵 💵 💵 💵 💵 Child Support or Alimony - any legal obligation to pay for Child Support or Alimony will need to be taken into consideration and a lender will need to review a divorce decree and separation agreement so these payments can be allocated into debt-to-income ratios.
Transparency will ensure a smooth application process for everyone involved and get the furniture physically moved into the home after settlement day!
Deb Levy
NMLS ID: 481255
Lisa Bennett
MNLS ID: 482234