Currently under contract, in underwriting for a USDA guaranteed loan. Was speaking with the broker/loan officer the other day and mentioned to him that I'd had some balance changes on credit accounts since we prequalified 7-8 weeks ago with some accounts being paid off and one seeing an increase for necessary car repairs, I always put high dollar transactions on a card to maximize cash back then pay statement in full later.I told him I keep my reports locked when not applying for credit and to just let me know when to unlock them so they could be checked again before closing. He then told me that they wouldn't be running my credit again during underwriting or at closing as long as we closed within 90 days of the credit report date that they already had. I found this odd considering everything else I'd read in the last year as I prepared for the home buying process. Anyone else ever heard of this? I was certain that was almost mandatory to ensure no new accounts had been opened before closing.
Well that at least makes a lot more sense. At least they're still following up on it. If they only pulled once and never again I would start wondering how long we have before another housing market collapse because they're getting negligent again.