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how long is a pre-approval typlically good for?

I want to start applying for a home now, but I have to leave the country for internship for 2 months and I don't want to have to apply again or add more inquiries to my credit and reduce my score. please help. by doc.youngblood77643 from Lake Havasu City, Arizona. Feb 20th 2020 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,097 contributions

My general answer is that it is worthless two seconds after we write it... That is because if anything changes, like you change jobs, make a late payment, or spend your down payment money, that obviously affects your approval. On the other hand, if nothing changes, you can assume it will remain valid. With that said, documents do expire. and lenders always need the most recent documents once your file goes into full underwriting, which isn't until you've sign a purchase agreement on the exact house. If it takes while for you to find a house, most lenders don't just constantly ask for updated documents, and we don't keep pulling credit all the times. The bottom like is simply this... If something changes, let your Loan officer know right away. If nothing changes, don;'t worry about it. I lend for homes in MN, WI, IA, ND, and SD. I can be reached at JoeMetzler.com. NMLS 274132.

Feb 20th 2020
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Dan Paladin (dpaladin)
#1 ranked lender in California - 658 contributions

Typically 90 days as the credit report would expire. Assuming no changes while you are in the house hunting stage pre-approval is good. I do as a personal practice ask my buyers to send me pay stubs and updated bank statements as they receive them to keep the file fresh....

Feb 21st 2020
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