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Pre-Approval Deadline

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PixieQueen80
Frequent Contributor
‎05-07-2011 11:55 AM
‎05-07-2011 11:55 AM

Pre-Approval Deadline

I finally made it through the underwriting process from my loan company.   I am purchasing a new construction through a non-profit for low income families and I am scared it won't be complete by then because the non-profit is stating that they should be finished by late summer and I have been told their time usually extends a few months beyond when they say. My pre-approval states 8/24/2011 as the deadline for the pre-approval.  Does this mean I have to close by then or do I just need a contract in place?  

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club
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ShanetheMortgageMan
Super Contributor
‎05-09-2011 05:49 PM
‎05-09-2011 05:49 PM

Re: Pre-Approval Deadline

At that date you probably would just need a new credit report checked and then it's good for another 120 days.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
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