Effective June 1, Fannie Mae announced that a new credit report will be pulled prior to closing.  Mortgage underwriters will be looking to see if new credit was opened or applied for from the date of your mortgage application.  If the Buyer’s credit score changes or if new credit lines are established, the file could be sent back to underwriting for further review and possiblity delay settlement.  Or, worst case scenario is that your mortgage application can be denied.   

After you enter an Agreement of Sale, do NOT apply for  new credit or make any “significant purchases”.  By doing so, you will put your mortgage loan at risk.  There will be plenty of time AFTER your loan closes to make those purchases.

If you have any questions, please contact me at Michelle@HarrisburgHouses.net.