- Do keep cash in the bank so that your financial picture looks as strong as possible.
- Do establish good credit by making payments on time and making sure you don't overdraw your account!
- Don't move large sums of money around without documentation. This can raise unnecessary red flags.
- Don't open or close credit cards. This could potentially hurt your FICO score.
- Don't make any major purchases - especially on credit cards.
- Don't change your job. If possible, stay in your current job until all approvals are final.
Something to keep in mind. Your credit report is usually good for 120 days on government agency loans through AUS findings for FHA, VA, USDA and Fannie Mae Conventional loans in Kentucky.
Some lenders will not honor that, and create an overlay to say your credit report is only good for 60 days, and they will repull your credit, so it does vary from lender to lender on loan pre-approvals.
Keep your loan officer on any changes in income, assets that may hurt your loan pre-approval because sometimes depending on your loan pre-approval it could jeopardize your loan pre-approval
They will want updated pay-stubs, banks statements once your loan is pre-approved, so try to keep working 40+ hours a week, keep all bank statements in good standing with no nsf fees or overdraft charges and keep everything as status quo as you can.
Lastly, make sure if a debt that is not listed on the credit report you tell your loan officer so they can plug this into your debt to income ratio.
Most of the time the loan officer will go over your last 120 days inquires on the credit report to see if any debts are missing on the application or credit report.