Purhcases during home buying?

We close on house on June1, 2007. We want to finance furniture for our new place but don't want it to interfere with out debt-to-income ratio. And we need the furniture to have a spot to sit! Any suggestions?

Wait until after you close to buy the furniture. Most furniture stores will allow you to pick it out, put a deposit and they will deliver it a day or two after you close. Ask them not to run your credit until after you close also.

Discuss this with your loan officer. Many lenders pull an updated credit report prior to closing and any new debt may impact your qualifying ability. Your loan officer will be able to tell you if making this purchase will have a negative effect on your loan.

What you may want to do is to select your furniture and not finalize the purchase until 6/4.

Most lenders have you sign a document that states if anything in your application status changes prior to closing you might not get the terms and conditions that you have been approved for. I wouldn't take the risk. Purchase after closing.

Borrow the money from a friend/family member and make sure you sign a legal agreement to pay them back or simply wait until you make the home purchase.

You should be fine. I am a mortgage broker in Illinois and have run across this scenario on many different occasions. It usually takes at LEAST 6-8 weeks for a new creditor to appear on you bureau. The easiest way around your problem is to simply not tell anyone that you made the purchase.
Also, most places do not even recheck your credit prior to closing. If the loan is approved than you have no worries.

Hope this helped

At closing, you'll sign an affidavit swearing that nothing in your financial situation has worsened since application. Taking on new debt without disclosing it to your lender means you're lying on that affidavit.

Talk to your loan officer. Ask him if adding new debt would adversely impact your approval. If you're not already maxing yourselves out, it should be fine. If you are, wait until after closing to buy.

What good is new furniture if you lose your ability to buy the house?