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

Pre approval- How long does is usually take?

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‎03-18-2013 01:49 PM - edited ‎03-18-2013 01:50 PM

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? 

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Valued Contributor
tooleman694
Posts: 1,913
Registered: ‎08-25-2011

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

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‎03-18-2013 02:46 PM

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

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jadeite788
Posts: 297
Registered: ‎09-25-2009

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

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‎03-19-2013 11:08 AM

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

Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 660, 661 as of 04/01/13
Current Transunion Score: previous 656, 675 as of 02/01/13
Goal Score: 750
Take the FICO Fitness Challenge



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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

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

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‎03-20-2013 04:52 AM

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
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dobirdsmommy
Posts: 173
Registered: ‎02-29-2012

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

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‎03-20-2013 04:54 AM

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.

Wallet:ME: 400 Cap One, 300 Cap One, 300 Orchard, 900 FH, Santander Car 12k/15k, Chase Auto Loan 15/16k, VS 350, BH 300, Express 500, Avenue 250, JCrew 300, HSN 500
DH: 300 Cap One 400 Cap One 300 Orchard 600 FH. AU - VS, BH
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