Applying for credit and purchasing a home.

[JM-AM]

While I still believe it is best not to apply for new credit when applying for a mortgage I will say that in my case it did not matter. Applied and received 2 new CC's with-in the last 2 months and applied for mortgage on June 14th.  Closed on June 27th with no issues and or conditions (yes was pretty fast as I was expecting to wait at least 30-45 days). I am sure many different things play a part in why or why not it matters, but I just wanted to pass it on that it may not matter in some circumstances. 

Just in case others are curious my credit scores from mortgage application ....

EQ; 789

EX; 793

TU; 802

DTI was only 12%....

Hopefully lenders are just loosening up and things will become a little easier for others. Good luck with all your home purchases.

[jefftca925]

I'm expecting to close on an FHA loan next week that's been in escrow since the middle of May.  Nothing wrong with my finances or scores, but rather an issue with the condition of the property.  Repairs were needed and done by the seller so all conditions have been met.  the issue is a few weeks ago I received a "pre-approved" LOC offer from ING Direct which did NOT require a HP.  I called them to verify this (offer was sent by e-mail) and I decided to accept and was given a 10k line.  No INQ appeared on my CBRs so I figured no big deal as I was supposed to close in a few days after the account was opened.  Fast forward to the present, final approval should come in on Monday and last week the new account showed up on my reports.  Account shows a 0 balance (haven't used it at all) but I'm concerned that the underwriter might see the new account and freak out.  My scores are 770+ across all 3 and utilization showing is actually <1%.  I'm probably making a mountain out of a mole hill but it does worry me a little.  Anyone have any experience with this situation?