Home Buying in Pasadena>Question Details

Kristian Har…, Renter in Glen Burnie, MD

How long after FHA preapproval can you take to look for your perfect home?

Asked by Kristian Hargett, Glen Burnie, MD Thu Aug 30, 2012

I'm sorry, we are getting things together to begin the process of buying a home and I have a few dumb questions. Im just wondering, we are looking to apply for an FHA loan in the next month or so (as soon as we clear up a few more things credit wise) how long does that preapproval last. What if it took us 3 months to find the perfect home. Would we have to reapply?

Help the community by answering this question:


A pre-qualification letter requires only that you speak with a mortgage lender and verbally tell them your income and perhaps let them check your credit. Then they issue a short-letter stating the general amount of money your qualify for in terms of a loan to buy a home.

A pre-approval requires a bit more - mostly tax documents and bank statements.

Looking forward to hearing from you: http://fhamortgageinfo.com/
0 votes Thank Flag Link Wed Jul 22, 2015
No you wouldn' not have to re-apply as long as there were no major changes to your income, debt or employment status.
0 votes Thank Flag Link Wed Sep 19, 2012
From Sam Tanner at Century 21 Don Gurney:

Treating Every Customer Like Family and Every Home Like It’s My Own”
http://www.SamTannerC21.com STanner_2@Comcast.net 443-618-2585
Century 21 Don Gurney 3201 Mountain Road Pasadena, Md. 21122

You don't "apply" for pre-approval with FHA: you actually apply for approval.

You can however get pre-approved by a lender but you don't actually apply: you simply provide information to the lender and they will make the determination pertaining to your capabilities of acquiring a loan.

If you apply with FHA and you get approved contingent upon verification that approval expires usually in 60-90 days and after that time FHA will just reverify to confirm that the information on the original application hasn't changed.

As a result of this blog I have officially pre-approved you to contact me for further assistance.
0 votes Thank Flag Link Fri Aug 31, 2012

the preapproval would have to updated most likely after 60 days- a credit update and income update-
If you are clearing some credit things up then it will work out better to take 3 months to find the perfect home! Where are you looking to buy? I can refer you to a great agent in the Pasa dena area if tou are looking for one- call me- 301-785-1995
0 votes Thank Flag Link Thu Aug 30, 2012
Hi Kristian,

you should not have to re-apply for a loan if you use it within days of the pre-approval but check with your lender. Since you are in the process of applying for a loan I would suggest you start narrowing down communites in which you may want to live that way you be ready to purchase, you should be able to decide on the available quickly.

Good luck
0 votes Thank Flag Link Thu Aug 30, 2012
Hi, any pre approval letter is only valid for about 60-90 days depending on the bank. If you don't find a home in that time all you have to do is have your loan officer update your letter. They may have to do a soft pull of your credit to make sure nothing has changed but not always.

0 votes Thank Flag Link Thu Aug 30, 2012
Your question is refreshing; normally buyers want to look at lots of homes before doing their homework. Buyers like you make the process so much eas;y because you are willing to do the right things first.

Now that you have a pre-approval, a local agent like me, can talk to you about your goals in the purchasing of your home. What you want and what you do not want in your home price, location etc. After that I will create a search just for you based on your requirements. You will get the list of homes that meet most of your requirements in your home and will have time to look at all the information. You will select the ones you like and I will research them to ensure they are what they appear o be.

After preselecting the properties is agood idea for you to take a drive to the neighborhoods at different times to see what the community is like and is what you expect. Then you do your final cut and we will schedulle an agreeable time to take a look at the first batch.

I will schedule showings for the properties and provide you additional information. After we see the first batch. we will talk about what you liked and dislike and make adjustments to your search if necessary. We will do this several times and till you find the perfect home for you.

Once you find the home you like or maybe before depending on your schedulle , we will talk about the offer and purchase process to be ready for it..

and much more .. call me at your convenience at 908-240-7792.

looking forward to hearing from you.
till soon
0 votes Thank Flag Link Thu Aug 30, 2012

The pre-approval is just a preliminary process, weeding out major factors that would prevent a lender from going forward with a loan. Factors could change in a day (you could lose your job, default on a credit card) or not at all so there isn't really a timeframe for the pre-qualification. As an agent I usually ask for one no less than 30 days old so we are all comfortable that we can move forward. The real timeline is with the actual loan application. Once you are locked into an interest rate you run the risk of losing that rate if the deal takes too long to close, like in a short sale. Then you may not qualify anymore if the rates have gone up and everyone has wasted a lot of time.

Your question isn't dumb, but it indicates to me that you will have plenty more questions going forward. I love working with first time homebuyers and have an awesome team who can guide you through every step of the way. Please feel free to contact me any time and I will get you started on your dream of owning your own home. I promise it will be as stress free as I can make it and it will be FUN! 410 255-7613 AmyMenrad@Championrealty.com http://www.askAmyrealestate.com
0 votes Thank Flag Link Thu Aug 30, 2012
Hi Kristian,

Once you are approved you are approved unless something changes in your financial picture such as a decrease in income or an increase in debt.

However, with interest rates at an all time low you will want to start looking right away to take advantage of that savings. You will lose buying power if the interest rates go up.

Best of luck on this adventure!
0 votes Thank Flag Link Thu Aug 30, 2012
Thank you very much. That clears alot up for me.
Flag Thu Aug 30, 2012
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