Asset Rules:

• Do not spend the money you have set aside for closing

• Do not make any large deposits of cash or deposits that you can not source

• Do not change bank accounts

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Credit Rules:

• Do not buy a new car

• Do not dispute any tradelines

• Do not co-sign for a loan

• Do not max out your credit cards

• Do not pay off collections that are older than two years

• Do not close any accounts

• Leave your balances at $10

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Employment Rules:

• Need to have two years of employment, unless you are a recent graduate

• Self-employed -- need two years 

• No job gaps greater than six months

• If you need to get a new job during the loan process, you need to get one pay stub

• Try not to go from W2 to 1099/Self-employed within two years of wanting to buy a house

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Income Rules:

• Child support/alimony -- needs to continue for three years past loan closing

• Bonus income -- need a two-year history

• Overtime -- need a two-year history

• Part-time job -- need to have it for two years for it to be qualifying income

• Retirement -- need to show it will continue for three years 

• Seasonal income -- need a two-year history

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Earnest Money Sources:

• Checking or savings accounts

• Retirements funds, i.e. 401ks, IRAs

• Gift funds from family members

• Sale of personal property

• Down Payment Assistance Programs

• DO NOT USE CASH

• DO NOT BORROW MONEY FROM CREDIT CARDS