@Anonymous wrote:
My wife and I have been approved, however we want to make sure we don't do anything to threaten that between now and our close on October 1st. What are some gotchas?
I may have an opportunity to take a new job making 10%-15% more, but would this be a problem. I guess the question is what could move us out of approval status at closing time, if anything?
First thing would be if the documentation you provided isn't 100% accurate.
The others could be:
- New BIG collection. If they pull your reports again before you close (most don't though, from what I understand) and your score's dropped 100 points due to some stupid phone bill you thought you'd closed YEARS ago hitting your CRs as a collection.
- New credit. If it messes up your DTI substantially, that could, at the very least, make it so you qualify for less home.
- Loss of job/income. Self-explanatory.
- BIG Federal debt that you've owed and has *just* put you into the CAIVRS system.
That's pretty much it. And even then, as Dallas often says, a lot of things could be worked around.
I'd not quit your job/change jobs until AFTER you've closed. Otherwise, you could be looking at being denied.
