Preapproval on mortgage.

[tayjoemom2628]

My husband and I got prepproved for a $320000 FHA loan @ 5%. We went looking for a house and found one we liked. We put an offer but it wasn't accepted. we decided not to counteroffer. We are going to continue looking.  I recently got approved for $2000  personal loan. How long do we have to find another house before our credit get pull again? Do we have to get preapprove again for a new house that we find?

[Anonymous]

I can't remember how long a preapproval is good for but i want to say our lender told us 120 days. I also believe you will have your scores pulled again once you put in an offer on a home (basically when they're doing your final approval).

I'm sure if you call your lender, they'll easily be able to answer these questions for you. Every lender is a little bit different

Message Edited by ladyofnight on 03-02-2009 12:54 PM

[Anonymous]

They may or may not pull your credit again before closing even though pre-approvals are generally good for 120 days.  I would definitely not recommend getting any new credit after you were pre-approved.  I've heard stories where someone was approved, opened a new card, and that broke the deal.  Hopefully they'll overlook your small loan or adjust the pre-approval amount rather than flat out denying if they pull your credit again or you have to list out your monthly debts.

[tayjoemom2628]

I applied for the loan but I was preapproved. It's not on my credit reports as yet.