36
YOUR COMMUNITY NEWSPAPER | MARCH 2019
Dos and don’ts during the loan process By: Ben Eachus Special to the Boca and Delray newspapers Do: Ask questions If you think there is something about your file that the lender needs to know, for instance, a gap of employment over 45 days in the last two years, you haven’t filed the last six years’ tax returns, you are about to get married or you are selling a home and it may not close on time (or at all), make sure you contact your lender. Do: Keep your original paycheck stubs and bank statements You are required to update any documents that are over 30 days old prior to closing of your mortgage loan (even if your loan is approved). Do: Provide documentation for the sale of your current home Your lender needs the sales contract and closing statement HUD-1 Settlement if you are selling your current home.
Do: Let your lender know if you will receive a gift of funds or need a power of attorney If you are receiving a gift for your down-payment or closing costs, your lender needs to know ASAP. If you are married, both you and your spouse are required to be at the closing. All POA’s must be “Real Estate Specific.” They also must be reviewed and accepted by he lender’s attorneys prior to closing. Do: Contact your lender about employment changes If you change employment, get a raise/promotion, change of pay, such as salary to commission or have a leave-of-absence, your lender needs to know ASAP. Do: Notify your lender if marital status changes
Don’t: Change jobs This change could STOP your mortgage loan. Your lender will re-verify your current employment on the same day of your closing. Don’t: Buy a car or make any major purchases If you need to make a large purchase, like furniture, appliances, or anything expensive, please contact your lender to make sure it doesn’t have a negative impact on your qualifications. You will have to sign a letter at closing that states you have not opened any new credit since your loan application. Don’t: Deposit any funny money Cash-at-Home cannot be used! Any deposits over $200 in your checking or savings account will need to be verified if it doesn’t come from your paycheck. Guidelines require documentation of these funds (bonus checks, copy of tax refund, gift letter with copy of check). No cash advances on your credit cards! Don’t: Close any credit cards or open new credit If you transfer money from one account to another, your lender needs to see this doc-
umentation. Closing a credit card can lower your credit score. Your credit report may be re-checked the day of closing. Don’t: Change your closing date If you need to change or move your closing date on the home you are buying/selling, your lender needs to know immediately. About Ben Eachus Ben Eachus, branch manager for Highlands Residential Mortgage, has been assisting his clients with mortgage financing and leadership since 1997. He worked for two of the largest banks in the U.S. where he built platforms and teams from inception. He created and maintained cross sell initiatives with the bank branches excelling in Private Banking and Wealth Management lines. He is past president and a current director for the Mortgage Bankers Association of the Palm Beaches. Mr. Eachus received his undergraduate degree from The University of Akron, Ohio. He was a track and field athlete participating in the long jump and 100 meter. Originally from Ohio, Mr. Eachus has lived in South Florida since 1998 with his three children where he continues to focus and specialize in the mortgage financing and planning for his clients.
The Altman Companies begins Home Builders Blitz on Habitat home Staff report
The clock began ticking mid-February when The Altman Companies broke
ground on constructing a brand new Habitat for Humanity home in Delray Beach. The nationally recognized developer is be-
Dstackhouse@regtitles.com
hind the 2019 Home Builders Blitz, which means the entire home including foundation, walls, roof, plumbing, flooring, air conditioning and kitchen cabinetry must be completed in under a month.
“Over the past 50 years, we’ve developed and assembled a portfolio of rental properties that has redefined the Exceptional Living Experience in Florida and across the country,” said Joel Altman, Chairman of The Altman Companies. “It is our pleasure to carry that exceptional living experience onto those who need it most.” On a rainy morning, the ground breaking on the home, which will be built for single mother and registered nurse Micheline Michel and her 14-year-old son Menchely, began. The home will be three-bedrooms and two-bathrooms when completed. To make it possible, The Altman Companies donated more than $180,000 in materials and professional labor.
The homeowner Micheline Michel has been a part of the Habitat Homeowner Program for seven years. She said she looks forward to becoming an ambassador in her new community, cooking many meals to share with her family and maintaining a garden. Her son is in the orchestra at school and is a member of his church’s choir. The annual blitz build is a national tradition that began in 2002 in Wake County, North Carolina. A total of 12 homes were built in just five days. “Our homeowners aren’t the only ones who benefit from our local Home Builders Blitz,” said Jeff Fengler, HFHSPBC Director of Construction. “Through the Habitat Home Builders Blitzes, commercial and residential construction leaders strengthen ties to their community by engaging their subcontractors and vendors who share their company’s values.”
Habitat for Humanity officials, Delray Community Redevelopment Agency officials and representatives from the Altman Companies gather for a ceremonial shovel in the ground for the Builders Blitz home. Photo Courtesy: HFHSPBC/The Altman Companies.