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What does DU stand for?
OP, most preapprovals are only good for 120 days. Not sure how that works if you are building a house that you can't close on until much later. I would check what the builder's requirements are in terms of what they need as a warm fuzzy before they will start to build your home. I'm guessing you can sign a contract even though you are not approved to close?
OP, most preapprovals are only good for 120 days. Not sure how that works if you are building a house that you can't close on until much later. I would check what the builder's requirements are in terms of what they need as a warm fuzzy before they will start to build your home. I'm guessing you can sign a contract even though you are not approved to close?
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Ah yes! I know what that is now. They did that for me on 1/5. And now it is in underwriting. I'm not sure OP if the DU will come back okay because of the BK. When I did a prequalify check in July, and they just ran my credit and said my score qualified but my BK wasn't discharged long enough yet. You need a preapproval letter to make an offer and when I got mines, they did a DU for that. Also if they did a DU early, I'm not sure if it would come back preapproved or not??? I do know there is a housing shortage in Denver Metro and they are putting up houses as fast as they can so said my builder. And he also said there is a shortage of materials and when that happens, prices go up and that additional cost is passed onto a buyer.
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