Preapproval

[CARLA82]

I went to the bank yesterday to get a pre approval, how long does it normally take to get an answer (FHA). My LO asked how much I want to apply for I said 160,000, if approved, will they put that amount on the preapproval letter or how much your incomes qualifies you for?

[luvs2barre]

I'm not sure the typical turn around time for pre-approval. I'm sure it depends on your lender or broker. Your pre-approval should be based on your income and DTI ratios, so if your income will allow more than $160,000 I would assume you would be approved for more than $160,000.

[DallasLoanGuy]

24 hours is plenty of time.

can be done in minutes

we like to have an idea about what price range you are looking for. and use that as a starting point. if debt ratios look ok, i usually bump that up a little to give the borrower breathing room. nothing worse than a borrower getting a preapproval for 160k and finding the PERFECT house on the weekend for 170k and their loan guy is out fishing. LOL