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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.