First Time Home Buyer Tips

         
Access Capital Group, Inc.
Tel # 866-204-4288

HELP US HELP YOU BY FOLLOWING THESE GUIDELINES during your loan process:
    

BANK ACCOUNTS AND ASSET STATEMENTS: 
•    NO NSF’s
•    NO Payday Loans
•    NO Cash Advances
•    MINIMIZE TRANSFERS between accounts. 
IF you must transfer between accounts, ALL accounts involved MUST be submitted for verification.
•    DO NOT ALTER or BLACK OUT ANY PORTION of Bank Statements. ALL PAGES of each statement ARE REQUIRED, including BLANK PAGES.
•    LARGE DEPOSITS that come from a sale of personal property will require the following: 
o    Proof of Ownership (example: title, insurance, etc.)
o    Bill of Sale
o    Proof of Value (example: Kelly Blue Book on autos)
o    Deposit amount MUST match sale amount.

CREDIT:
•    JUDGEMENTS must be paid. Release or satisfaction letter required.
•    NO LARGE PURCHASES during loan process. (example: car or furniture purchases)
•    DO NOT OPEN NEW LINES OF CREDIT during this process. This can jeopardize your approval.
•    LETTERS OF EXPLAINATION will be required on any derogatory accounts and/or all ‘inquiries’ that report to your credit report within 120 days.
•    WATCH YOUR SPENDING. 

EMPLOYMENT:
•    DO NOT QUIT YOUR JOB during the loan process OR within ONE MONTH of loan closing. Your note will be deemed due and payable should this occur.
•    REPORT ANY EMPLOYMENT CHANGES during the loan process TO US IMMEDIATELY – IN WRITING.
•    DO NOT GO ON A LEAVE OF ABSENCE from your job during the loan process. You must notify us of ANY employment changes IMMEDIATELY. This includes being fired, laid off, medical leaves, FMLA leaves, etc.

TAXES:
•    ONLY RETURNS THAT HAVE BEEN FILED with the I.R.S. are accepted.
•    W2’s, 1099’s, and /or SELF EMPLOYMENT and CORPORATE tax returns are required if applicable.

GIFT FUNDS:
•    A COMPLETED LETTER FROM GIFTOR/DONOR is REQUIRED. Please request a form letter from us, if getting a gift.
•    DONOR/GIFTOR’s BANK STATEMENTS WILL BE REQUIRED to show EXACT AMOUNT gifted.
•    DONOR/GIFTOR’s WITHDRAWL AMOUNT MUST MATCH your DEPOSIT AMOUNT EXACTLY!
•    WIRING the gift money directly to the Escrow Company is PREFERED . Even in this instance, the Donor/Giftor’s Bank Statements are still required.

Getting ready for Closing:
•    UPDATED DOCUMENTS showing the most up to date information are required throughout this process. Please don’t be surprised that we ask you for the most current information at time of CLOSING such as:
o    MOST RECENT PAY STUBS (the last30 days)
o    MOST RECENT BANK STATEMENTS (the last 60 days)
o    ANY other updated documentation for your loan.

We strive to offer you a great experience. Specifically following these guidelines will help us help you in the timeliest manner possible. If you have ANY questions please contact us! We are very happy to help you!