Avoid pitfalls and improve your chances of approval with these essential tips!
1. Incomplete or Inaccurate Documentation
Fix: Take the time to gather all necessary documentation, including pay stubs, tax returns, bank statements, and employment verification. Double-check that all information provided is accurate and up to date.
2. High Debt-to-Income Ratio
The recent NAR settlement introduced changes designed to enhance transparency and trust in real estate. As of August 17th, these changes are officially now in place. Here is what you'll see:
No More Compensation Details in MLS: This means that compensation agreements will no longer be publicly listed, allowing for more tailored and confidential discussions about terms.
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