Are you ready to take the exciting step towards home-ownership? Buying your first home can be an exhilarating experience, but it can also come with its share of challenges. To help you navigate the loan process smoothly, we’ve outlined seven common reasons loans are delayed or even fall through. Knowledge is power, and with this information, you can be better prepared for your home-buying journey and avoid these common Reasons for Home Loan Delays.
- Incomplete Financial Disclosure In some cases, borrowers may not provide crucial financial details that don’t appear on credit reports, such as alimony or child support payments, or not working full-time. Honesty is key here, as this information can significantly impact your loan approval.
- Undisclosed Debt Beware of hidden debts not reflected on your credit report but evident in your bank statements. Unreported debt can create complications, so make sure to reveal all your financial obligations.
- Large Deposits Every deposit into your bank account should be accounted for and sourced from allowable Fannie Mae sources. Transparency with your finances is essential to avoid any unexpected setbacks.
- Acquiring New Credit It’s crucial to avoid taking on new credit while in the midst of purchasing a home. Lenders monitor your debt throughout the process, and any new debts can jeopardize your loan approval.
- Changes in Employment Changes in your job status are significant. Whether it’s a promotion, demotion, quitting, or switching jobs, timely communication with your lender is essential. Job changes can sometimes lead to a waiting period before closing.
- Unfiled Taxes Filing taxes is a must when seeking a loan, unless you’re opting for a high-interest hard money loan. If you owe taxes, be sure to include them in your debt ratio calculations.
- Effective Communication Remember, we’re all working towards the same goal – your home-ownership. Poor communication, lack of teamwork, or delays in providing required information can lead to loan delays or even cause the deal to fall through. These are the Common Reasons for Home Loan Delays
At ERA Great American Realty, we’re here to guide you through every step of your home buying journey. James McGrew Jr, your dedicated real estate professional, is just a call away at 316-284-7767 or via email at [email protected]. Don’t hesitate to reach out if you have any questions or need assistance.
Don’t Let Your Dream Slip Away Common Reasons for Home Loan Delays
To make sure your dream of home-ownership becomes a reality, it’s essential to be proactive and diligent throughout the loan process. By understanding these common pitfalls and working together with your real estate agent, you can increase your chances of a smooth and successful home purchase.
ERA Great American Realty
