Cornerstone’s Brenda Williamson discusses 3 common lending questions

November 27, 2019


As loan officers, we hear all kinds of questions and “what ifs” pertaining to the lending process. Here are a few of those questions to which you may find surprising answers.


I’m buying my first home and my parents offered to pay my earnest money deposit. Is that okay?


While your parents are very generous, your earnest money check absolutely must come from your own checking or savings account, and it must be written on your own personal check. If you are unable to pay the earnest money needed at the time of contract (or someone offers to pay for you), it is crucial that you reach out to your loan officer immediately to discuss the best way to handle this.


Also, talk to your loan officer before accepting gift funds from a family member to help you buy a home. The donor will need to meet documentation requirements for the gift funds to be used.


We’re in the midst of buying a house and I’m thinking about asking for a raise at work. Is that okay?


My advice is do not change your pay structure or your job during the financing process. Employment or income changes during the process require re-verification and could delay your mortgage approval. Most loan programs are looking for a two-year history in the same field.


Also, if you have recently transitioned from conventionally employed to self-employed you will need to provide more documents to complete your mortgage approval. You will need to show a two-year history of self-employment.


If you are currently renting and thinking of buying a home in the next year or so you will want to reach out to your loan officer to discuss any job or income pay structures that may happen before buying your new home.


I’m considering applying for a Visa card to help with renovations on the house I’m buying. Is that okay?


Wait until after your home closes to open any new accounts or credit cards. Per mortgage guidelines your credit will be refreshed to make sure there have not been any changes in your credit, that new accounts have not been opened, and current debts have not increased, which make the monthly payments higher. Your loan approval could be jeopardized if you have incurred new debt.


Buying a home and getting a mortgage can seem overwhelming. I am here to make the process as easy as possible with the guidance and support you will need every step of the way.



Prequalify today at to see how much you qualify for. You can also reach me at 912-856-8700 or

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