Real estate blog entries tagged with purchase by The First Bexley Bank

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Home : Blogs : Michael Reeve : Michael Reeve's Blog : Tag "purchase"

purchase: Credit Do’s & Don’ts Before Closing - 01/20/11 02:32 PM

A new rule (Fannie) called Loan Quality Initiative went into effect on July 1, 2010 that requires lenders, BEFORE CLOSING, to check credit to make sure borrowers have not incurred any new debts. If borrowers incur MORE debt, and it affects the underwriting ratios by more than 2%, the loan will have to be re-underwritten prior to closing.
Consider "Coaching" Your Clients with some Old School Advice!
Don't - Allow multiple credit checks
Don't - Apply for new credit within 45 days of signing a contract
Don't - "Shop" for new credit before closing (Furniture, cars, etc)
Don't - Go on … (3 comments)

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Michael Reeve

Bexley, OH

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