Home Buying in Tampa>Question Details

chelsa412, Home Buyer in Tampa, FL

Will I loose my loan because I applied and was approved for a $2k credit limit for a furn store last week after I was approved for mortgage ?

Asked by chelsa412, Tampa, FL Sun Aug 24, 2014

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5
Definitely talk to your lender. That could be a big problem in you now qualifying. Good advice you have been given.
1 vote Thank Flag Link Mon Aug 25, 2014
Chelsea...........didn't your loan officer warn you not to make ANY changes, or open any new accounts, that might impact your credit until AFTER the closing?

Call your lender tomorrow morning and tell him what you did.

The bank runs your credit right before the closing to see if there are any changes..........reach out to him or her asap.
1 vote Thank Flag Link Sun Aug 24, 2014
Chelsa,
Probably not, but don't use the line of credit or your odds go up. Until your loan closes make no other credit applications or major purchases. If you run up a credit card balance or add a car loan, your montly debt obligation goes up and that means you can afford a lower mortgage balance.
Chances are if you didn't use the credit line, you'll need to write a letter of explanation and assure your mortgage lender you didn't complete a sale. If you did complete a sale, I've heard of buyers needing to take everything back and get a full refund or they didn't qualify for the home they wanted to buy.
0 votes Thank Flag Link Sun Aug 24, 2014
I agree that you need to ask your lender. Many people don't realize that taking out new credit, even if you don't use it will ding your credit score, so be careful.
0 votes Thank Flag Link Sun Aug 24, 2014
That is a great question, but one that would be better answered by your loan officer/lender. If you are worried about asking them than simply as what your debt to income ratio is. If your already close to the limit you may have pushed yourself over the edge. If you have any other questions don't hesitate to contact me directly.
0 votes Thank Flag Link Sun Aug 24, 2014
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