Like it wasn't bad enough getting ONE bad credit mortgage approval, explaining away the time your roommate borrowed your card to buy a keg and didn't tell you, the missed car payment because Nordstrom's twice-a-year shoe sale comes only, well, twice a year, and being forced to pay an old collection for the check you bounced to the pizza guy back in college. You got past all that, your approval is in your sweaty hands, and you can relax, right? Wrong!

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Now, you'll have to pass two credit checks -- lenders will not just pull a credit report when you apply for your mortgage, bad credit and all, but immediately before you close escrow and move into your new home.

Fannie Mae’s new Loan Quality Initiative, starting June 1st, brings new rules to mortgage lending, hopefully improving the quality of the loans that get approved and "unapproving" those that slip between the cracks before they go sideways.This means, lenders that sells mortgages to Fannie Mae must determine that "borrower liabilities incurred up to, and concurrent with, closing are disclosed and evaluated in qualifying the borrower for the loan."

The most expedient way for most lenders to accomplish this is by pulling an additional credit report just before closing. What can derail your approval? Additional inquiries (which indicate that you're looking for new credit, so every creditor who you applied with will be asked if you were granted new credit and under what terms). And delinquencies that materially lower your credit score. Or new accounts, which can change your debt-to-income picture. At a minimum, these items can delay your closing, maybe causing you to blow a lock. At worst, you could lose your property.

So, just because you have a mortgage approval, you don't a house. Don't buy anything new until after you close, and the fat lady, um, hands you the keys.