Mortgage Loans

[CreditCrusader]

I wasn't sure where this thread belongs, so I'll just ask it here.

We completed the process of applying for a USDA home loan and received pre-approval on 6/12. On that date, all pay stubs, bank statements, and other required paperwork was turned in. We put an offer on a home and had it accepted on 6/27. We did the second and final pull (according to the mortgage lender) on 6/28 (accounting for the scores in my sig) and signed the paperwork showing the APR/interest, payments, etc. on that same date. According to my loan officer, there will be no more pulls of my credit from this point forward. In  fact, his exact words were "We are done with your credit...it's just a matter of WHEN, not IF, we close...and we will not be pulling the bureau reports again".

Appraisal is at the end of the month...should clear underwriting by the 3rd (according to LO)...with paperwork sent to USDA shortly thereafter.

I understand that a new credit application (Lowes, Discover are all I have left on my wish list) is likely not yet in the cards. My question is, at what point is it safe to initiate some relatively benign credit activities (i.e. Barclay's CLI request since I had a 616 TU when I was approved and now have over 700)?

[webhopper]

After the funding.... that's when I would exhale slowly and go app!

[luvsandyshores]

I apped for a car loan and 2 credit cards after closing, but before the mortgage showed up on my credit report (usually 2-3 months after closing).  My thoughts were, once the mortgage hits the report my debt ratio is going to go up so I'd better app before that happens.  

Despite all the assurances, I was worried that something would happen at the last minute, and they'd need to pull my credit again.  Better safe than sorry! 

[jamesdwi]

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CreditCrusader wrote:

I wasn't sure where this thread belongs, so I'll just ask it here.

We completed the process of applying for a USDA home loan and received pre-approval on 6/12. On that date, all pay stubs, bank statements, and other required paperwork was turned in. We put an offer on a home and had it accepted on 6/27. We did the second and final pull (according to the mortgage lender) on 6/28 (accounting for the scores in my sig) and signed the paperwork showing the APR/interest, payments, etc. on that same date. According to my loan officer, there will be no more pulls of my credit from this point forward. In  fact, his exact words were "We are done with your credit...it's just a matter of WHEN, not IF, we close...and we will not be pulling the bureau reports again".

Appraisal is at the end of the month...should clear underwriting by the 3rd (according to LO)...with paperwork sent to USDA shortly thereafter.

I understand that a new credit application (Lowes, Discover are all I have left on my wish list) is likely not yet in the cards. My question is, at what point is it safe to initiate some relatively benign credit activities (i.e. Barclay's CLI request since I had a 616 TU when I was approved and now have over 700)?

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i guess i'm paranoid, I wouldn't apply for anything untill you are handed the keys to the house, seen too much stuff fall through at the last moment, read the home morgage forum here for more details. Don't want to lock your self out of another loan for 6 months to a year because first house fell through and now you have to begin the process again. 

[Booner72]

AFTER FUNDING and AFTER it has recorded at the county in your name.  I wouldn't believe your LO about a credit repull, mine was "refreshed" the morning of funding , the day AFTER closing.

Some get keys prior to funding and recording ( such as myself ) and some lose the house at that point (such as myself).  So just be safe.

Congrats!

[Tpelc23]

I would wait till after closing. We applied afyer closing. They never did a soft or repull for us though. We closed in Friday it fundes on Tuesday but had keys Friday.

As for recording in some places it can take months in some places so I don't think I could have waited that long.