Are you trying to close your mortgage loan before November 30, 2009 to qualify for the first time home buyer tax credit?
Did your mortgage consultant warn you about your credit and your credit score? You can bet your loan that lenders will pull your credit report again before you close that loan. If anything wacky shows up – oops, no loan. Dead. No house for you.
Those who need to worry the most are borrowers who were very close to having the minimum required credit score from the very beginning. If the minimum score required was 620 when you first applied on August 10, and your score was 625, hold your breath until you get your keys. It wouldn’t take much for the score to drop. Applying for a new credit card or maxing out a credit card could both drive the score down.
Refrain from buying anything on credit. A common mistake made by buyers is to apply for one of those “buy now – pay in 2020″ credit accounts often used to purchase furniture. That credit inquiry will show on the credit report along with the new balance on that account. You will be questioned about it. Don’t believe that because you have an extended time to begin payments that the debt won’t be counted NOW for purpose of your loan. It will be counted. If your income does not support that debt – well, you know what it means.
Keep everything neutral until you close. Don’t buy anything. Get the refrigerator the day after you close.
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