A new rule for borrowers taking out loans backed by Fannie Mae went into effect on June 1, 2010.

This rule requires lenders to re-check the borrower’s credit just prior to funding to look for new credit that has been obtained between the time the borrower applied for the loan application and the date of funding. Examples of new credit include newly opened credit cards and new car leases.

When buying a home, it is usually best to wait to make major purchases, such as for appliances or new cars, until after the loan has funded.

I would love to assist with your next home purchase. Please call me today at 503-421-2407.