Borrowers will pay a price for applying for debt5 of 7Beginning June 1, Fannie Mae requires lenders to check borrowers' credit reports right before closing. If the borrower took on a new credit obligation, the lender will have to recalculate the borrower's debt-to-income ratios.The rule could cause 11th-hour delays and could even block some loans from being made. Advice: Don't apply for new credit while the mortgage is being processed. Related Articles:Buying your first homeFixing 3 FHA loan snags3 types of mortgage loansSelling in a soft marketRelated Links:7 keys to FBSO successPick a real estate agentClosing a home sale fastFight low home appraisal advertisement
Beginning June 1, Fannie Mae requires lenders to check borrowers' credit reports right before closing. If the borrower took on a new credit obligation, the lender will have to recalculate the borrower's debt-to-income ratios.
The rule could cause 11th-hour delays and could even block some loans from being made. Advice: Don't apply for new credit while the mortgage is being processed.
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