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Don’t Do It

Once we have pulled your credit report

01

Do not have it pulled again until your loan has closed

02

Do not close any existing accounts

03

Do not open any new accounts (even to purchase furniture interest free)

04

Do not increase or decrease any credit limits

05

Do not charge any atypical or excessive amounts on your credit cards. (10% tolerance)

06

Do not pay off any accounts

07

Do not charge any atypical or excessive amounts on your credit cards. (10% tolerance)

08

Do not move money around from one bank account to another

09

Do not deposit any money into or out of your bank account(s) that is not directly related to your regular pay

10

Do not deposit cash into your bank account. Any money going into or out of your bank account will have to be evidenced for the previous 3 months and through closing.

11

If you are getting a gift, please check with us before any money is transferred. There is a specific process that must be followed to the letter.

12

DO NOT APPLY FOR ANY CREDIT DURING THE MORTGAGE PROCESS

Please understand that you should not apply for ANY credit during the processing and closing of your mortgage loan. Under the new Loan Quality Initiatives (LQI) set forth by Fannie Mae, a “soft” credit report must be obtained no more than 10 days prior to the loan closing to verify no new credit inquiries have been made.

If there are ANY inquiries, even if no new credit has been obtained, a new credit report with updated scores is now required by Fannie Mae. Many factors can influence credit score ratings. It is possible that, if you have new inquiries on your LQI report, and a new credit report is required, your credit score may have dropped and you may be unable to qualify for the final loan approval needed to close on your loan.

Furthermore, your interest rate is in part based upon your credit score. If your score drops, you may no longer be eligible for the interest rate initially secured.

Please understand that it is critical that you do not apply for ANY credit during the loan process as it could jeopardize your loan approval and or rate.