Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
How many times is my credit going to be checked for an FHA loan?
Hi, I am in the process of purchasing my very first place, and have already been pre-approved for my FHA loan. They have already pulled my credit report and score and I was just wondering if before the closing will they pull it again? I have a lot of inquiries from prior to applying to the FHA loan and just don't want my score to tank anymore from pulling my credit too much. Does anyone know if I am done as far as pulling my credit? Thanks
3 Answers
- David ZLv 71 decade agoFavorite Answer
just one unless you cannot close before expiration of pre approval letter.
you will need to provide the lender explanations of the other credit inquiries on file such as why they are there and did you obtain a loan as a result.
- 1 decade ago
Normally there would be a credit run before the close as time (a month) or more could pass between the time you were pre-approved and the time you close the loan. However, since it would be reviewed for the same reason (i.e. a mortgage loan, by the same lender) and after two weeks of time, you score should not decrease. You are allowed to "shop" around your credit to get the best deal.
Also, FHA is not score driven, but debt to income ratio driven - your lender can explain what that means - without pulling your credit.
If you are not happy with your lender, I work with a mortgage broker and we have FHA loans - let me know if I can be of further assistance.
Daniel
