Fannie Mae’s New Credit Report Rule
Starting on June 1st, Fannie Mae will start requiring lenders to pull credit a second time right before settlement. This means that it’ll become more important than ever for borrowers to maintain a good credit rating!
Imagine qualifying for a loan with an acceptable credit score, then making a late payment before your mortgage closes, and then not being able to close on your mortgage.
Here are some tips to make sure that doesn’t happen:
1. Continue making all payments on time!
2. If you get a bill, make sure to pay it!
3. Do not apply for any new debt before your mortgage loan closes.
4. Do not close any debt before your mortgage loan closes.