Ann Arbor home buyers not that per Fannie Mae & Freddie Mac starting June 1st on all new loan applications taken for conventional loans a credit report will not only be pulled at the beginning of the application but it will also be pulled 5 days before closing.
What does this mean for the conventional borrower? It means you absolutely cannot take out any additional credit or even have an inquiry into your credit report from the time you start your loan application until after you close.
There’s a new product coming out called Compare that will clearly define the differences in the initial credit report and the re-pull before closing.
The re-pulling of credit will apply to conventional loans; FHA, VA and Rural loans (USDA) are exempt from credit re-pulls at this time.
Let’s summarize with a quick Do’s and Don’ts of getting a mortgage:
DON’T:
- Take out any new credit during your loan application and until after you close.
- This means no furniture shopping, new window treatments and ‘especially’ no ‘buy now pay later’ type of accounts
- Add to your current debt load as of time of application until after you close.
DO:
- Create paper trails for all deposits into your asset accounts.
- Write letters of explanations for anything out of the ordinary; e.g.:
- For inquiries into your credit report – for any reason – over the last 90 days.
- For Any derogatory credit issues
- For any job gaps
- Save money before, during and after; owning a home is not easy – it takes work, energy and money.
I have been in the Real Estate Industry for 15 years and am an expert in today’s mortgage market. Please contact me to get your questions answered, to share ideas and learn and to apply for a mortgage – I’m ready to help!
Candace also hosts a Radio Show, ‘Local Lifestyle; Focus Ypsilanti’ the Last Saturday of Every Month from 12 – 1 PM on 1290 WLBY, www.1290wlby.com
Candace B. Pinaud
Leave No Stone Mortgage Lending
a division of Ann Arbor Mortgage
Leave No Stone Unturned
www.LeaveNoStone.com
734.476.3366
734.661.0379 Fax
Follow Candace B. Pinaud on Twitter: http://twitter.com/candacepinaud
22 E. Cross Street Historic Depot Town Ypsilanti, MI 48198













