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Valued Member
Posts: 38
Registered: ‎05-14-2007
0

Pre approval- How long does is usually take?

[ Edited ]

I applied for a usda(620 middle score requirement) mortgage loan on today my current ficos are TU 635 and EQ 658. I do understand that the score may be different from what the lender may get. I spoke to lender at about 10am (eastern time). The agent said that she would get back to me this afternoon, but has not done so yet. So now I am a little worried that my middle score may not have met requirements... how long did it take for others to get a response for pre approvals? 

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Pre approval- How long does is usually take?

It only takes them a couple minutes to enter it into the computer.

Established Contributor
Posts: 510
Registered: ‎09-25-2009
0

Re: Pre approval- How long does is usually take?

took me a month, just received my letter last week.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Pre approval- How long does is usually take?

My preapproval took less than an hour. If you have no credit issues and your score qualifies, preapprovals are usually super quick. They run your credit and draft up a letter and then you start shopping.

I know USDA loans take longer than FHA and Conventional overall so that may be why it is taking so long.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
Posts: 442
Registered: ‎02-29-2012
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Re: Pre approval- How long does is usually take?

I finally got mine last night with conditional approvals and it took 1 week to turn around. I do not think I will be going with this company.  I have an apt with Chase and Trustco as well.

building since 2011 EX 714, EQ 729, TU 724 3/11/15
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