On June 1 mortgage companies began re-qualifying the buyer the day before closing and pulling new credit reports. They want to make sure no new debt has been obtained. If there are inquiries for new financing, such as a car loan, the lender must call the company and make sure an account wasn't opened. If there are any new accounts/debts, the loan must be re-underwritten which can delay a closing for weeks.
If you are even thinking about buying a home, talk to us about how this new regulation will affect your buying power.
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