First time homebuyer. When I originally applied for financing on the house, my credit sat at a 751. After 4 months, we closed on the house and the company who funded the purchase noted that my credit had risen to a 793. They had me sign off acknowledging the change.
Note: I have a car loan that I have been paying off the entire time this home buying process has been going. I don't think the drop in amount owed on the loan would have shifted my debt/income ratio enough to merit such a huge change.
- Age 22
- Car Loan at time of Financing Application: 17k.
- Car Loan at Closing:15k.
- 100% on time payment history with Credit Cards.
- Investing money in both 401k, IRA.
Why would this occur, and why would they have me sign off acknowledging the rise?