Jumping Through Hoops

Among the hundreds of documents we had to read, sign, or provide, was this jewel.

While somehow the over-zealous lawyers who drafted all of these documents failed to define "new debt"   the lady we have been working with made it clear that "new debt" means spending any money in our bank accounts or any other account we may have.  We can spend cash on hand!

She was gracious and acknowledged that we have LIVING expenses, so they would just have to recalculate our debt to equity ratio right before closing to account for our spending on things like rent, food, student loan payments.   But, we cannot spend money on extraneous things like a refrigerator for our new home, furniture, or anything else for our new house.  She begrudgingly said we can apply for credit with the electrical company, gas company, and cable company, so we can have those commodities when we move into our new house.