Please submit applications to Janet Anderson at City Hall

1333 Park Avenue, Emeryville, CA 94608

(510) 596-4316 or janderson@emeryville.org

 

DO keep originals of all paystubs, bank statements and other important financial documentation. Bank of America Mortgage is required to update any documents that are over 30 days old prior to the closing of your mortgage loan. (This is required even if your loan is approved.)

DO  provide all documentation for the sale of your current home. (i.e., sales contract, closing statement employee relocation/buyout program.)

DO notify your Loan Counselor if you plan to receive gift funds for closing costs.

DO NOT notify your Loan Counselor of any employment changes (i.e., change of employer, recent raise/promotion, transfer, change of pay status, such as salary to commission scale, etc.)

DO NOT change jobs or employer without inquiring about the impact this change would have on the approvability of your mortgage loan.

DO NOT  make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics, etc.) as this may impact your
qualifications. Please consult with your Loan Counselor to have him/her calculate what your ratios would be with any additional debts.

DO NOT  obtain and/or deposit unusually large sums of money without notifying your Loan Counselor. FNMA/HUD guidelines require
documentation as to the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy
of check and deposit slips, etc.)

DO NOT close/open or transfer any asset accounts without acquiring the proper documentation required for your loan file. (i.e., If you transfer all the funds in your stock account to your savings account, documentation is required.)

DO NOTopen or increase any liabilities, including credit cards, car loans, etc., during the loan process. Please check with your Loan Counselor for any documentation that will be required and what impact this would have on your qualification ratios.