pre-approval questions?

Asked by TJE, Tampa, FL Mon Feb 2, 2009

ok guys i went to a local bank for FHA loan application and i was pre-apporoved after all documents went to underwriting. (taxes, bank statement, w2, etc..) Am i pre-approved or approved now? Do i have to stick with this bank or should i shop around and if i shop around will this hurt my credit score since they ran it on 1/19/09. They made my certificate of approval for 245K we realize now we want to spend less will this hurt us when placing an offer on a house that is priced less since our realtor suggests we should attach this letter with our offer. E.G houses we like 199k, 215k, and 235k. our pre-approval certificate says 245k might the seller not negotiate on asking price since they know what we are approved for?

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Liza Mckeever, , 34202
Mon Feb 2, 2009
Pre-approval letters generally are only good for 90 days. A pre-approval means just that : based on the information you have provided the bank, income statements, taxes, credit score, you are qualified for a mortgage of this amount, BUT it is not guaranteed until it goes into underwriting, period. So, if your realtor is worth their weight in gold, they will ask the mortgage broker for a pre-approval letter for the specific property your putting an offer on and ask that they cap it off at the offer price. It can't hurt to ask. It would be like showing the other players your hand in a poker game. I personally would not do this myself. I hope this helps.
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1 vote
TJE, Home Buyer, Tampa, FL
Wed Feb 4, 2009
so still havn't heard from my loan officer yet. this is getting frustrating
0 votes
TJE, Home Buyer, Tampa, FL
Mon Feb 2, 2009
according to my mortgage officer it did go to underwriting they collected all of our info w2s, banks statements, pay stubs, investment statements, work hx, credit scores, and taxes. I even placed a $100 deposit on the appraisal fee. Do i tell the mortgage officer to change that certificate amount based on the contract we right in the offer?
0 votes
Marty S, , Irvine, CA
Mon Feb 2, 2009
You have the right to shop aound, and if a lender cannot adjust your pre approval, there is an issue here. Check with a mortgage broker to see what your options are.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
TJE, Home Buyer, Tampa, FL
Mon Feb 2, 2009
so i am stuck with this lender?
0 votes
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