By now we all know about 143 million people in the United States were hit due to Equifax security breach. 

The hackers accessed personal information such as names, Social Security numbers, birth dates, addresses, credit card numbers and the numbers of some driver’s licenses.

 

If you are in a process of purchasing a home will the breach impact your home purchase? Or
If you are a Northern Virginia home buyer will that impact your qualification of the home purchase?

The answer to the above may be YES!

At the end of the day, credit scores drive most of our financial qualification decision. If your social security number is abused due to the security breach your credit scores may have been impacted. This could lead to a dramatic drop or change of your credit score. 

If your credit score changes your lender may not be able to qualify you for a home loan.

What can you do as a Northern Virginia home buyer?

If you are in a process of securing a mortgage for your home you may want to closely monitor the health of your credit.  You may also want to speak with your lender and understand what and how their underwriting department is working with clients whose credit scores are impacted due to Equifax credit breach.

If you are home sellers in the Northern Virginia area of Fairfax & Loudoun county to ensure the buyers are not impacted you can have your real estate agent stay in touch with a home buyers lender. If there are any red flags or issues you are well aware of the situation ahead of the time rather than near the closing of the home. 

By | 2017-09-19T10:43:33+00:00 September 19th, 2017|Tips for Buyers, Virginia Real Esate Blog|0 Comments