Yes, or monitor it. Fannie Mae expects lenders to catch new debt before closing, and many lenders check again credit or use debt monitoring. New accounts, inquiries or balances can change your DTI and trigger underwriting again. Avoid new credit until after closing.
Fannie Mae states that a borrower who takes on new debt before closing without telling the lender can make the loan ineligible for purchase or trigger a post purchase review. It expects lenders to have processes to catch undisclosed liabilities, such as undisclosed debt monitoring or a soft credit refresh.
After closing, lenders must verify again the borrower's credit history with a new three bureau credit report as part of quality control. If it shows information that differs from underwriting, the lender must underwrite again to confirm the loan is eligible for delivery.
A new car loan, a store card or a larger balance can raise your payments, so even a small account matters. Disclose new debt immediately rather than hoping it will not show.
When your credit can be checked again
| When | What happens |
|---|---|
| Before closing | Lender may monitor your credit or run a soft refresh to look for new debt |
| After closing | Lender verifies again credit history with a new report for quality control |
| If something new appears | The lender may have to underwrite again the loan |
What to do
- Do not apply for or open any new credit until you have closed.
- Do not finance furniture, a car or a card purchase.
- Tell your loan officer at once if you took on any debt.
- Pay normally on existing accounts.
Sources
- Fannie Mae, Undisclosed Liabilities. New debt before closing can make a loan ineligible; post closing credit reverification. Source type: Official. Checked October 17, 2026.
- Fannie Mae Selling Guide, D1-3-03, Lender Post-Closing Quality Control Reverifications. New tri-merge report; re-underwrite when information differs. Source type: Official. Checked October 17, 2026.