AVOIDING BUYER HEADACHES: Lesson 1-”Yes, You’re Approved… Just Kidding”

Okay, you have done your homework by watching HGTV, reading various blogs and even consulting a real estate agent on what you need to do to purchase a home.  Among the prerequisites you were given, you were told to get a lender to pre-qualify you and you did.  Now you are excited and ready to look for some real estate.  But wait, not so fast!  To avoid any headaches after you have found the home of your dreams, you should help your lender examine if you are really ready to shop for a home.  “What are you talking about, Lee?” you maybe wondering.  Well, believe it or not, with the restrictions that have been placed now on the mortgage industry to curtail the number of future foreclosures and distressed homeowners, what you think is your income may not really be.