Here's a warning tale for all the realtors and lenders AND CONSUMERS out there. 
I had an easy purchase loan all set. The borrowers made tons of money, perfect credit, big downpayment. The loan was approved, appraisal signed off, etc.
The day before closing, the investor (who shall remain nameless to protect the not so innocent) pulled a credit inquiry report. The borrower had just applied to refinance their primary residence. The payment was DROPPING by $750. After explaining this to the investor, the answer came back...no deal! They didn't care the cosumer was saving almost $10,000 /yr in payments. They insisted that nothing change from the way it was originally sent unless the refi were almost clear to close (3 week delay)
In short, the borrower had to cancel the refinance transaction in order to close on the second home 4 days later than anticipated. The moral of the story: with Fannie Mae's relatively new Loan Quality Initiative (LQI) there can be virtually NO CHANGES in credit.
For more than a decade, I have been telling customers not to buy furniture, clothes, appliances, until AFTER the closing, just in case things change and the lender finds out. Now, the lender will find out 100% of the time, and at best it will slow the process, and at worst, kill the deal.
Please know this is happening, on EVERY deal now. Let's prepare our borrowers properly.
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