The pre qualified letter is not worth anything today. If I was a buyer I would not consider making an offer on a house with out the full pre approval that has gone completely thru under writing. Many lenders are declining buyers just a few weeks before closing because after final review the bank does not want to make the loan and that is even to employees that want to buy a house. Great question, Tom Inglesby, RE/MAX
FHA has changed their lending guidelines. The mortgage insurance premium has increased quite drastically and is now for the life of the loan. They are also requiring higher credit score guidelines. This is going to make it more difficult for homebuyers who want to put down less money to qualify for higher priced homes.