Money. It’s the name of the game in real estate finance today. Here is just one of the new guidelines to use when thinking about how to buy a new home.

Age of Documentation Credit documents

• All credit documents must be dated within 4 months of closing, with the following exceptions:

o Pay stubs must be dated within 30 days of closing.

o Verbal VOE’s are required for all borrowers with earned income and must be completed:

_ Within 10 business days prior to note date of new loan (30 days for self-employed)

_ Within 5 business days of funding of the new loan

• Monthly asset statements must be dated within 45 days of initial loan application date.

• Quarterly asset statements must be dated within 90 days of initial loan application date.

What does this mean for Buyers?  Get aquainted with  your lender. Go through the process of interviewing each of the lenders you get referred to by your expert real estate consultant (Broker).  Choose the one you feel confident in, and the one whose phone calls and emails yyou will pay attention to every day. Important!! you will need to communicate with your lender.  OK…what does VOE mean? Verification of Employment. So don’t change jobs in the middle of buying your new house unless you are moving to Portland to take a new job. Notice the time lines in the above information. Keep in mind that buying a home and obtaining a mortgage is a process that takes some time. Then, it’s over. So while the process is taking place, understand and stick to the timelines. Keep your paperwork together. Document all of your income and deposits to your bank account. Be willing and able to explain how that $2500 got into your account as a result of a garage sale or the sale of a boat you inherited from your uncle. Treat your lender as your friend; reveal all. No surprises. Be prepared.

More about the author, Karla Divine, Principal Broker/Owner Divine NW Realty:  My work is to help people buy and sell their homes or investment properties. How can you use my lifetime of real estate experience to help you reach your goals of buying a new home or selling the home you love? What can I offer you to make your experience more productive and less stressful?   Exposure to available housing as soon as possible* Competitive Market Analysis and Pricing information* Investment property analysis* Current market knowledge* 30 years of experience in buying and selling real estate* Professional negotiation skills* Extensive network of resources to smooth the wrinkles in any transaction.   My promise to you is to give you the best, most professional, service available to help you accomplish your goal, just as I have done for many other happy clients. I will put YOUR business first! Return your calls, answer your concerns, provide resources and trustworthy counsel so you so you can make the best decision for you and your family, honor your time and money, exceed your expectations.  Karla Divine Principal Broker / Owner Divine NW Realty 503-819-6923 www.karladivine.com