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Use the months before home shopping to prepare your credit, cash and payment

Eric encourages preparation before a home is under contract. Its 60-day theme is a planning reminder, not a universal mortgage deadline or a way to avoid documenting money.

By Eric Hamilton · Published October 6, 2026

Originally uploaded September 3, 2026 · 11:37 · Watch on YouTube

Written companion added October 6, 2026. Adapted from Eric’s video captions with source checks; not a word for word transcript. The recording retains its original date.

Review credit and debts before sending money

Check your credit reports for errors and ask the lender which scores and debts matter for the proposed loan. Paying down a car balance may leave its required monthly payment unchanged. Eliminating a smaller debt may affect qualification differently, but the best choice also depends on credit effects and cash left for closing. Ask for a specific comparison before draining savings. Discuss a needed car purchase or new credit before committing.

Build a clear trail for purchase funds

Keep statements and records showing where your down payment and closing money came from. Gifts, asset sales and transfers can require documentation. There is no universal rule that money becomes acceptable simply by sitting in an account for 60 days. For applicable Fannie Mae purchase loans, a needed large deposit may require an acceptable documented source. Eligible gift funds can sometimes transfer at closing when properly documented, so ask before moving money.

Put income questions on the calendar

If you are self employed, have the lender review your actual income documents early and coordinate tax questions with your CPA. Revenue is not automatically qualifying income, and underwriting can include permitted adjustments and business cash flow analysis. Report income and expenses accurately. A change from salary to commission or self employment needs review; it does not produce the same waiting period in every program.

Practice the full cost and check what has been approved

Try saving the difference between your current housing cost and a realistic proposed ownership budget. Include taxes, insurance, association dues where applicable, maintenance and a cash cushion. Research assistance and education requirements early. Ask what the lender has verified, which conditions remain and when documents expire. Even an advanced underwriting review remains subject to conditions and property review. Prepare early enough to choose a season that fits your life.

Must every down payment sit in my bank account for 60 days?

No. Requirements depend on the source and loan program. Documented gifts and other eligible funds can follow different rules. Ask for the required paper trail.

Does a preapproval mean the loan is guaranteed?

No. Ask what has been verified and which borrower, property and closing conditions still apply. The label alone does not tell you how complete the review is.

Sources and scope

The September 3, 2026 recording includes seasonal statistics and simplified underwriting language. This written version focuses on preparation and clarifies that eligibility, documentation and timing depend on the actual loan.

  1. CFPB: Get your money situation in order Accessed October 6, 2026
  2. Fannie Mae: Depository accounts and large deposits Accessed October 6, 2026
  3. Fannie Mae: Personal gifts Accessed October 6, 2026
  4. Fannie Mae: Self-employed borrower income documentation Accessed October 6, 2026
  5. CFPB: Prequalification and preapproval letters Accessed October 6, 2026
  6. Fannie Mae: Monthly debt obligations Accessed October 6, 2026

General education, not a loan quote, approval or an individual recommendation. Ask the appropriate professional about your situation.

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