June 1 - Fannie Mae will do another credit check prior to Funding

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New Fannie Mae Funding Requirement starts on June 1, 2010.

 

Fannie Mae will do another credit check prior to funding your loan. So if your score dorms because you took out a loan, or used your credit card, or missed a payment or something worse, you may not get the loan. And since in most cases by this time you’ve removed your loan contingency, you not only can’t buy the home but you will may also lose your deposit money.

 

So for those of you, with credit scores on the cusp, don’t use your credit cards or make inquiries on your credit until your fund.

 

 

-sunil

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