Mortgage Loans

[woogidy]

I received the clear to close today on an FHA loan, but I checked my credit two days ago, and noticed a new collection pop up from 2007(I read a story where the CA's were waiting for people to apply for a new morgtage then hitting the CR). It dropped my score under the required 640. Should I be worried they'll pull a CR again, or is everthing good to go once they give you the "clear to close"?

[datzme4ya]

I would try to get it removed ASAP. I only say that b/c we personally ran into a very similar issue and the lender did do a final credit pull just before closing.

[woogidyboogidy]

CLOSED! Woohoo!

[llecs]

Congrats!

[namvet]

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woogidyboogidy wrote:

CLOSED! Woohoo!

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  Congrats!  The clear to close is the last and final step in getting a borrower to closing at the title/escrow company.  Your credit will not be pulled again when you hear those magic words. 

[m29]

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namvet wrote:

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woogidyboogidy wrote:

CLOSED! Woohoo!

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  Congrats!  The clear to close is the last and final step in getting a borrower to closing at the title/escrow company.  Your credit will not be pulled again when you hear those magic words. 

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Congratulations woogidyboogidy!!!!

Namvet... I can not agree with that statement!! I received my clear to close yesterday and received alerts that they pulled my credit again today! I think all lenders are different. I remember reading a post on here that someone had their credit pulled AFTER they went to Closing!

[JusdoNit]

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woogidyboogidy wrote:

CLOSED! Woohoo!

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CONGRATULATIONS

[llecs]

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m29 wrote:

I remember reading a post on here that someone had their credit pulled AFTER they went to Closing!

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That poster wasn't me but I clearly remember signing the loan docs on the FHA-backed mortgage and our bank clearly stated that they'd pull again after closing. I remember asking why and they said it was an AR to make sure I didn't fudge the process. They never pulled aside from the initial app.

[boomhower]

It's very very common for credit to be pulled the day before closing.  The pulls after closing are not that big of a deal, it's a part for when they sell the loan off.  99% of the time it's already funded and not much they can do at that point.

[namvet]

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boomhower wrote:

It's very very common for credit to be pulled the day before closing.  The pulls after closing are not that big of a deal, it's a part for when they sell the loan off.  99% of the time it's already funded and not much they can do at that point.

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+1  roger that