Q: I'm planning on buying a home after I get my income taxes back next year. Should I be doing something now to prepare?
A: YES! I get this question often. It's VERY important to have a loan officer look at your credit report early on, in case there are any issues that you're not aware of. Sometimes it could take up to 6 months or so to get some issues resolved. Also, because of new federal guidelines, a lot of loans will take longer to close than before. (aprox 2 months... IF there aren't any issues) So if you want to be settled into a house by... let's say July, we need to have found "THE House" & have the contract in place by May. So it would be a good idea in this scenario to start working with a loan officer now to clear up any possible issues you may have, and educate you in what NOT to do, so you can make a solid offer in May (to be settled by July.)