Maintain, maintain, maintain the status quo! This is the best advice anyone could give a potential home buyer. No matter what type of credit you have, there are things you can do to make lenders think twice. Here are 12 things you should NOT do if you are trying to get a home loan.

  1. Don’t change your job.
  2. Don’t change banks.
  3. Don’t buy a car or truck or any other form of transportation that you have to finance. This will increase your debt-to-income ratio. Typically this ratio should be at or below 12% before buying a home. Once you buy a home, that ratio will skyrocket but shouldn’t be higher than 43% of your income. Check yours here.
  4. Don’t buy furniture on credit before buying your house.
  5. Don’t make large deposits into your bank accounts. Lenders like the money that will be your down payment to be sitting in your account for at least two months.
  6. Don’t co-sign a loan for anyone.
  7. Don’t shift money between accounts.
  8. Don’t give deposits to a seller. The deposit should always go into a trust account because sometimes, if sellers have access to this money, they might even start spending it before the deal is closed.
  9. Don’t buy the house alone. It is always best to hire an agent to do the job for you.
  10. Don’t attempt to consolidate bills before speaking with your lender. The lender can advise you if this needs to be done.
  11. Don’t pack information that may be needed for the loan application.  Important paperwork such as W-2 forms, bank statements and tax returns should not be packed with your household goods. Duplicate copies could take weeks to obtain and could stall the closing date on your transaction.
  12. Don’t run a credit report on yourself or let anyone else for that matter!  This will show as an inquiry on your lender’s credit report. Inquires can lower your credit score a little bit and they must be explained in writing.