The fact that you mention Fannie Mae pre-approval leads me to believe your lender has run your information through "desktop underwriter" which is Fannie Mae's computerized approval software. This program is highly subjective to the information entered by the loan officer. Have you ever heard the term "garbage in garbage out"? What I mean by this is that if your lender entered in any incorrect information it could result in a false approval or your loan later being denied. If, however, all the information your provided was honest and accurate and is came back approved then you should be in good shape barring any recent changes to guideline,material changes to your qualifications,or problems with the home itself. I would address this question with your lender if you have concerns. I wouldn't worry if it's been in review for 48 hrs. This is perfectly normal given the sheer volume of loans (purchase and refinance) that are in process right now

The fact that you mention Fannie Mae pre-approval leads me to believe your lender has run your information through "desktop underwriter" which is Fannie Mae's computerized approval software. This program is highly subjective to the information entered by the loan officer. Have you ever heard the term "garbage in garbage out"? What I mean by this is that if your lender entered in any incorrect information it could result in a false approval or your loan later being denied. If, however, all the information your provided was honest and accurate and is came back approved then you should be in good shape barring any recent changes to guideline,material changes to your qualifications,or problems with the home itself. I would address this question with your lender if you have concerns. I wouldn't worry if it's been in review for 48 hrs. This is perfectly normal given the sheer volume of loans (purchase and refinance) that are in process right now

Gitti, I am not exactly sure where you are in the process of the home purchase. BUT, not only do you have to qualify for the loan but so does the house you want to purchase. If it is in final underwriting there is still a chance that the underwriter may ask for more information or not like something they see. With the way bank approvals have been changing lately I wouldn't be assured until you are given a clear to close, have a closing date and have signed the documents at the title company.

That's a tricky one. At the height of the real estate, the meaning of pre-approval became interchanged with pre-qualified. Sellers wanted a stronger assurance of the buyer's ability to purchase and wanted buyers who were pre-approved. Technnically, all a pre-approval should require is a house that meets your criteria and a satisfactory appraisal. If your credit was not pulled and you have not yet given your documents to the lender then you are not pre-approved for a mortgage. We hope this answers your question.

Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
cell - 203 470-9818