DHI Mortage credit recheck ?

[Anonymous]

*update*

Just wanted to update in case someone has the same questions. We closed without any financing problems on 5/28, it was late only because of construction delay. As far as we can tell there was no hard pull and the score drop did not seem to have affected anything. Our rate ended up being 2.75% which was lower than the initial 2.99% quoted really dont know how to explain why but I'm not complaining 😂. 

They did recheck our employment 3 times during the process though. Mine was checked 3 days before close and my husband's was checked on the day of closing.

Desperate and hoping someone knows more about this. 

We are rate locked and in underwriting, just returned with 2 easy conditions which were to explain 2 large deposits(tax return and stimulus). Closing date is set for 5/21.

To my surprise I checked last night and my credit has dropped from 643 to 634. I'm completely freaking out at this point, there's literally no reason I can see why the Mortage score has dropped other than the Mortage inquiries last month. The Fico 8 remains the same. 

hoping someone with experience would know if they will recheck the score prior to closing or just refresh the report. I'm absolutely livid over this.

Husbands score is 720 but they are going by my 743 for the USDA loan. 

[Anonymous]

I meant 643 not 743. 

[iv]

It is very, very unlikely they will pull scores again, just a new report to make sure you haven't added any new debt.

[brk1971]

When was the original hard pull? The reports expire at 60, 90, or 120 days depending on the loan product. You said last month but not sure that meant that is when DHi pullled or when you last saw them. 
If the last hard pull was last month, the credit pull they will do will not include scores, it'll be a soft pull. 

As for your mortgage scores dropping, while 640 is likely a different bucket than 639, the small drop you described would likely not cause a reprice (if there was another hard pull). 

[Anonymous]

Original pull by DHI was on 4/10 and score was at 643. We are closing on 5/21, currently at underwriting for final approval, conditions were sent back last Wednesday and processor said we should hear by Monday on final approval. 

[brk1971]

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@Anonymous wrote:

Original pull by DHI was on 4/10 and score was at 643. We are closing on 5/21, currently at underwriting for final approval, conditions were sent back last Wednesday and processor said we should hear by Monday on final approval. 

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There won't be another hard pull. They'll refresh credit in the closing days (soft pull) but the scores obtained on 4/10 will be used for your loan. 

[Anonymous]

Thank you for the reply! Probably will be stressed out until I hold the keys but this makes me feel a little better ! 

[brk1971]

Not sure if you're using DHI Title (likely so if you're borrowing from DHI), but my experience in the final days approaching close were the worst (nerve wise). DHI Title was professional but with almost no communication until the day before close. 

I didn't end up borrowing thru DHI (but had to get preapproved to get the contract executed), so they may have been relying on NFCU to talk to me about the closing appointment, etc. 

[Anonymous]

We are also using DHI tittle and got the wiring instructions and portal log in, I hope it goes smoothly! 

[House2021]

Brk1971 when you got pre-qualed, did you have to go with the down payment DHI pre-qualed you for? I ask because I had to prequal with them and they wouldn't count my overtime income and therefore require 20 percent down, but I spoke to another lender and they feel they can use my overtime income and put less down.