Buying a home?? Getting Financing?? 

New conditions apply immediately.. If you want to close on your home, read below.

NEW Fannie Mae conditions:  The lender must run an updated credit report the day of and prior to closing.

Why is this concerning?  If your 'debt to income' ratios were close and you go out and buy new appliances, furniture or other bigger ticket items for your home.. this could affect your debt/income ratios enough to prevent you from closing on the home.  Previously, lenders may not have pulled your credit report the day of closing.. now they will!

WAIT until you have closed on your home before making any purchases.  It is a good idea to NOT purchase anything that will put you into a poor cash position anyway, even after closing.  Remember, the governments debt to income guidelines are to protect you so that you do not run into a financial crisis.  Be responsible....

Derek Gutting, The Gutting Group, Keller Williams Realty, www.GuttingGroup.com