Does Wells Fargo pull credit before you close? Will a drop in FICO affect my rate?

[Anonymous]

I had an unexpected drop- from 720 from 740. My loan is in the final underwriting processs, and we went FHA- so I assume that we will still be approved, as mine is the lower of the two scores, but still above minimum FHA guidelines?

Could this affect the rate? (We did a rate lock for 120 days)

[Lel]

FHA rates don't vary with scores.

[Anonymous]

You will be fine unless the reason for the change is an issue.  What casused the score drop.

And to clarify, FHA does not change rate based upon FICO at that level, but if you are below the normal minimum or have a sketchy file (say below 620) the lenders that are still doing those loans do tend to have higher fees and a bit higher rate.

[Anonymous]

I closed with Wells Fargo and as long as you close within the time for your loan approval without any extensions you should be fine. I can't remember how long the approval is good for, something like 120 days. If you close within that time frame, they won't pull again. Best of luck.