Buyers who have a house under contract to close on or before November 30th to hit the deadline for the $8,000 tax credit need to keep an eye on their credit.
Do not go out and obtain new credit at Nebraska Furniture Mart to furnish that new house or Best Buy to put in new appliances. This will show up on your credit report and when your lender makes that last minute credit check before you close, it could blow everything.
Lenders always run a credit check the day before clsing, and those new lines of credit opened in the past week or so and new debts can throw your financing ratios way out of wack and cost the loan.
So if you want those new items, wait until you have signed on the dotted line and the seller has been funded and the paperwork filed at the courthouse. Then the next week-end woudl be the time to go shopping if you need those new things.
