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Avoid Last Minute Surprises On Your Loan Application

Posted on September 1, 2010

Watch your credit; others are

By Kenneth R. Harney

Syndicated columnist

WASHINGTON — On second thought, never mind.

Despite earlier reports to the contrary, it turns out your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing.

In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says applicants will need to come clean about any debts they've incurred since they submitted their mortgage application — or debts they never disclosed during the application. But a formal pre-closing credit report will not be mandatory to confirm their creditworthiness.....Check out the rest of the article here

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