Pre approval- How long does is usually take?

foreverb · ‎03-18-2013

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?

tooleman694 · ‎03-18-2013

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

jadeite788 · ‎03-19-2013

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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MovingForward_2012 · ‎03-20-2013

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.

Last App: 4/5/13 Gardening until July 2014

dobirdsmommy · ‎03-20-2013

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 Wallet:ME: Walmart 3k;Barclays Rewards 10k, Venture 18k; Slate 5k; Freedom 10k; overstock 4.8k, SGV2.5k; WEMC 20k 1.5 Rewards, Gamestop 1.2k, Fingerhut 3k; 2 NMAC Leases , VS 1.75k, BH 1.62k, Express 1.6k, Avenue 1.75k, JCrew 5k, HSN 1.47k, Torrid 1.55k, Roamans 1.4k, Jessica London 1.54k, kings direct 1.7k, Buckle 1.4k, WW 1.65k, ........ baddies:Fed Tax Lien
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