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Once I get "preapproved" how much time do I have to find a home?

by a.smith770 from Henderson, Nevada. Oct 4th 2016 Reply


Nathan Kessler (nathan.kessler@guaranteedrate.com)
#2 ranked lender in Nevada - 69 contributions

Technically, an approval letter is valid for 60 days generally. After that time if you have not yet found a home, I would update the file to make sure that the loan is still approved and reissue a letter for you with you providing updated documentation. Hope this Helps. Nathan Kessler, VP of Mortgage Lending for Guaranteed Rate NMLS # 377217 702-214-1012 Office

Oct 4th 2016
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Hi there! Our preapprovals last for the same period as your credit report which is 90 days. And to be clear our preapovals include validating your income and asset documentation through underwriting. Good luck! If I can help or you want to learn more, let me know! Call 702-326-7866 or google Aundrea Beach-Greco to find me. You may be eligible for the grant program to help with your down payment and closing costs.

Oct 4th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,323 contributions

Many people will tell you some sort of date, like 60 - 90 days. But essentially a pre-approval is invalid 10 minutes after given. That is because if anything changes, you lose your job, an emergency forces you to spend your down payment, you miss a payment and your credit score drops, you take out a new car loan, and you debt ratio changes, etc. Those things can obviously change your pre-approval status. But I always tell people that if nothing changes in your life, than you can have comfort knowing the basic pre-approval will continue to be valid.

Oct 5th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,563 contributions

typically, you have 90 days to find a property, get an accepted contract and close.. The reason is because the credit report is only valid up 90 days and bank statements and pay stubs must be within 30 days of closing.. if you go beyond 90 days, a new credit report will be required.. But as Joe said, 10 minutes after you get pre-approved, you lose your job or have an emergency where you need to spend your down payment.. then you are no longer approved.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 5th 2016
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