Fine line between mortgage approval and denial

[screamfan201]

For a FHA loan the property has to appraise for the value of the loan. Do your homework when purchasing a house ask your Realtor to do a Comparable Market Analysis on the house you want to buy to see how much a few houses like it sold for. That is one thing the bank appraiser will do. I found it very close to the banks appraisers appraisal. Check online for how much the county appraised the house for. This is a good start for price. Have a Realtor that is not in the same agentcy as the seller!

[screamfan201]

They will also want to see the banks appraisal fee and home owners insurance fee on your bank statement at a later time and check to make sure you still have enough money for closing in your account. Make sure the full amount is there at all times! They could request newer statements at any time.

[screamfan201]

Don't buy furniture or other big purchases with credit until you close! The bank could run another credit check the day of closing and will see it.This will create more debt and you could lose the loan on closing day.Do have your last 2 W2s. Be prepared to give bank statements to your loan officer many times within that period. They will want to see a couple months of bank statements but that is not over yet.