The Buyer/Borrower: 1. Does not tell the truth on the loan application. 2. Submits incorrect information to the lender. 3. Has recent late payments on credit report. 4. Found out about additional debt after loan application. 5. Borrower loses job. 6. Co-borrower loses job. 7. Income verification lower than what was stated on loan application. 8. Overtime income not allowed by underwriter for qualifying. 9. Applicant makes large purchase on credit before closing.
Thursday, February 26, 2009
The 80 Things That Can Go Wrong Between Contract and Closing
The Buyer/Borrower: 1. Does not tell the truth on the loan application. 2. Submits incorrect information to the lender. 3. Has recent late payments on credit report. 4. Found out about additional debt after loan application. 5. Borrower loses job. 6. Co-borrower loses job. 7. Income verification lower than what was stated on loan application. 8. Overtime income not allowed by underwriter for qualifying. 9. Applicant makes large purchase on credit before closing.
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