Headstart…Please help!

[Lhenderson22]

Hi all!

I am registered for my first workshop in December but I am trying to get as many documents together as possible. I had two questions that I would like to know if they would affect my qualification process.

1. My job issues checks to be spent for job related things. The checks have to be deposited into my bank account for me to use. I have a seperate account for my personal funds and an account for my job funds. Will this hurt my process since it isn’t my money? I know they check ALL bank accounts.

2. I am also working towards purchasing my car that is currently on a lease. I have already paid my lease up so I am saving the additional income to purchase the car. I am afraid that I will not have qualified by the time my lease is up and that my bank account will significantly drop due to this purchase. Do you think this purchase would prolong my qualification?

[Nelsont]

1. It won’t hurt you. It will just require diligence on your part to be able to clearly explain it. Maintain all paperwork. Be prepared to answer to this often.

2. You should be fine. Buying a car is acceptable. Keep the lease paperwork. Be prepared to explain the new loan.

If your savings drops below your mrf before you qualify then qualification will be delayed.

If your savings drops below your mrf after you qualify but before you make an offer on a house then nothing will happen if you get your savings up before then.

If you make an offer on a house and your savings is lower than your mrf you will delay the process and possibly lose out on your emd.

[Lhenderson22]

Thank you so much @Nelsont. There won’t be a new loan. I will just be paying the residual amount on the car.

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