Fannie Mae made some changes in the last 30 days that could delay closings… as a lender, we are now required to verify that any credit inquiries you have in those last few days prior to closing are not really an extension of credit!  So don’t buy a sofa, or a refrigerator… or ANYTHING ELSE between the time of loan approval and closing… or you could be jeopardizing your closing date!

Effective with loans closing 6.1.2010 Lenders are now required to run a second credit check right before the loan funds… just to make sure you haven’t run up your credit cards, bought a new car, or added any sort of debt DURING THE MORTGAGE PROCESS.  (for more details click here) [Read more...]