cancel
Showing results for 
Search instead for 
Did you mean: 

When does lender pull your credit and only once?

New Contributor

When does lender pull your credit and only once?

Ahh...me and my questions, but I'm sure it is helpful to all other first-time home buyers.  Smiley Happy

 

After I apply for an FHA loan, when exactly does the lender pull your credit and is it pulled only at that time do they pull it again after?

Message 1 of 10
9 REPLIES
Valued Member

Re: When does lender pull your credit and only once?

You lender will pull your credit during the pre-approval process and they will give you a form to sign that states this credit report is vaild for 30-45 days after you sign it. During my process my credit was pulled twice during the process once at the pre-approval and then again when I located a home and my offer was accepted so my file could be sent down to underwriting.

Message 2 of 10
New Contributor

Re: When does lender pull your credit and only once?


MEE2Too wrote:

You lender will pull your credit during the pre-approval process and they will give you a form to sign that states this credit report is vaild for 30-45 days after you sign it. During my process my credit was pulled twice during the process once at the pre-approval and then again when I located a home and my offer was accepted so my file could be sent down to underwriting.


Okay.  If I found my house and the offer was accepted during the pre-approval process and within that 30-45 days, my credit won't get pulled again, will it?  What if I asked for a 90 days closing?  I am leasing a house right now and would need to give my landlord 60 days notice (preferrably 90 days)....of course, all depending on if the seller were to accept the 90 days closing.

Message 3 of 10
Member

Re: When does lender pull your credit and only once?

We were told our credit will be pulled every 90 days. I'm not thrilled about that, given the fact that I have 8 months until closing (new build), but it's a necessary evil, I guess.

Message 4 of 10
New Contributor

Re: When does lender pull your credit and only once?


jaybug wrote:

We were told our credit will be pulled every 90 days. I'm not thrilled about that, given the fact that I have 8 months until closing (new build), but it's a necessary evil, I guess.


WOW...that's crazy.  At least it gives you a chance to keep your credit in tact for that 8 months.  Hope all goes well...and smoothly for you.

Message 5 of 10
Moderator Emeritus

Re: When does lender pull your credit and only once?

I think it's a YMMV based on lender. We applied the first week of December (I think 12/4) and was told ours was good for 60 days. We found a home within a month and within 3-4 weeks from that, less than a week from the 60-day deadline, we closed. Ours was FHA though a regional bank. We did have to sign a FHA-printed doc saying they'd pull a second time but they never pulled again (hard or soft).

 

ETA...on second thought...the above is true, but maybe we had X days from the app to get a contract on a home and/or X days from signing the contract to close. I can't remember now. I remember they were frantic to close by the first week of Feb.

Message 6 of 10
Senior Contributor

Re: When does lender pull your credit and only once?

We pulled credit right after we got the offer back from the bank on the short sale - by that time I had given her everything she needed (Had pulled credit much earlier but I had work to do....)

 

She said the credit score was good for only 60 days through them.

 

Then the UW did a "soft" inquiry the morning of funding.  (Day after closing).

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 7 of 10
Frequent Contributor

Re: When does lender pull your credit and only once?

The bank I work for, which happens to be the same bank I'm getting my mortgage through, pulls it once for pre-qualification, and once when the underwriting begins.

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.
Message 8 of 10
Established Member

Re: When does lender pull your credit and only once?

So far, our lender has pulled our credit twice in the 22 days since we signed the contract to build our house: once on Sept 19th when we signed the contract, then again on September 27th when they received our loan application. (I'm hoping that will count as one.)

 

Unfortunately, the info they got from Facredco was incorrect and they will probably have to pull again to get the correct info (Facredco shows two open accounts with significant balances when there is only one account open that had a number change when USAA compromised our info; I know Equifax and Transunion are reporting correctly) which makes me really mad. I still have 5 months to go before I can even lock in a rate and the constant inquiries could knock points off our scores.

Message 9 of 10
New Contributor

Re: When does lender pull your credit and only once?

Our credit report was only pulled once, they did not pull it again when we closed (within 45 days).

Message 10 of 10