Pre-approval Letter
I was pre-approved for $389,000 and received my letter on 6/25. My FICO is 689 and income as a single parent is $56,500 per year with about 30% debt. I was informed that my approval is only good for 60 days, which I am coming up on and have yet to find a home. I heard that Credit Union pre-approvals expire after 120 days. Seeing as I will have to get pre-approved again anyway, I want to get the most time i can to find my home. Thank you. by hamilton211 from Prescott, Arizona. Aug 21st 2018
John Moran (SimplifyMortgage)
#7 ranked lender in Arizona - 663 contributions
Hi hamilton211,Preapprovals are typically good for 90 days because that is the amount of time most lenders and agencies consider a credit report valid. Not sure why you heard 60 or 120, neither makes much sense. It is worth noting that all credit pulls within 45 days are considered the same pull, so since you are outside that window, you will need to get it pulled again to update your letter if it has expired. I would be more than happy to help with a new preapproval, in many cases I won't need income or asset documents. You can apply here: https://www.loandepot.com/loan-officers/jomoranBest of luck with the search!
Steven Brand (stevenbrand)
#2 ranked lender in Minnesota - 121 contributions
Credit reports are good for 120 days for a standard transaction and 180 for new construction with Fannie Mae.
Steven Brand (stevenbrand)
#2 ranked lender in Minnesota - 121 contributions
Hamlton211... Did you close on a new house yet?
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