Home Buying in Bellevue>Question Details

Fungirl, Home Buyer in Washington, DC

Prequalfiied for Home purchase loan.

Asked by Fungirl, Washington, DC Wed Dec 12, 2012

When you get prequalified for a home loan, how many months is it good for?

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Kelly Putz’s answer
Oh! And most importantly, do not make any major purchases until AFTER you buy a house. If you go out and buy car, it will screw up your credit for the loan and can keep you from following through on the purchase.
0 votes Thank Flag Link Wed Dec 12, 2012
Your lender can answer best, but typically 90 days.

If you're ready to find a place, I'd be happy to help you look.

:)
Kelly
703-961-8663
Kelly.Putz@gmail.com
0 votes Thank Flag Link Wed Dec 12, 2012
Hi Fungirl,

Generally pre qualification letters are good for 3 months. Some pre-qualification letters are stronger than others. It is best to have the letter state that credit has been pulled to present a stronger letter to the seller of your choice. Some pre-qualification letters are weak and not very impressionable when making an offer. You want the seller to know that you are prepared and ready to buy.
0 votes Thank Flag Link Wed Dec 12, 2012
It may not be valid from day one, I estimate that 30% of the “buyers” in my market that are walking around with pre-qualified letters are not eligible for the loan they are seeking. Many loan officers pull credit and ask a few questions about income and never look at any support documentation.

Most buyers do not want to take the time to gather a few simple items or complete the application as it should be done. They simply do not think it is important, how odd don’t you agree? Single largest financial obligation in their life up to that point and they won’t send over a pay stub let alone the other documents or take the time to sit down with their lender to go over everything. Protect yourself, do it right from the very beginning. Mistakes are costly when buying a home, appraisals, inspections, etc. are not cheap. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Dec 12, 2012
Normally not more than 3 months. It is imperative that during the process a borrower keep his lending status the same if not better (improve by peehaps paying down debts) this will ensure the best rates and give h/her the ability to negotiate.
All the Best!
0 votes Thank Flag Link Wed Dec 12, 2012
Hi Fun Girl! When you are Pre-qualified to purchase from a lender, it means that the lender pulls your credit. That credit pull is usually good for 90 days. As long as your financial status (savings credit card balances) and job remain similar, you should have no problems being re-qualified if you can't find a home within 90 days. If the lender is concerned about your credit score losing too many points as a result of credit being pulled, they will let you know. Hope that was helpful!

Hillary Nash McAuley
Nash Holdings Co.
Exit Elite Realty
202.907.7301 c
301.277.39948 o
http://www.exitelitemd.com
0 votes Thank Flag Link Wed Dec 12, 2012
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