When Buying a Home, Manage your Credit Wisely

Why not to get credit cards in the time leading up to buying a home.But … apparently lenders wont’ have to run a second full credit check before closing on a mortgage:

Despite earlier reports to the contrary, it turns out that your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing.

In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says that applicants will need to come clean about any debts they have incurred since they submitted their mortgage application — or debts they never disclosed on the application. But a formal pre-closing credit report will not be mandatory to confirm creditworthiness.

The chances of everyone in the lending pipeline (underwriters) actually getting this memo: slim to none. Best advice: be careful with your credit when you’re buying a home.

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2 Comments

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  2. Mark Walker September 5, 2010 at 09:53

    So if I’m understanding this right, they don’t pull credit, but they do expect you to disclose any credit changes. How do you thing that’s working out for them?

    Reply

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