Questions about pre-approval

[Anonymous]

How long does it actually take? Some people on the board say they were pre-approved within 24 hours, while others say it has taken up to 30 days. What factors determine whether it will take 1 day versus 30 days? I have no negatives affecting my scores and all of my ficos are in the high 700's. My dti with the loan amount I need will fall around 45%. Do you think I will get a speedy response or should I expect to wait a while?  

[Anonymous]

You shouldnt have any problems at all I spent 30 on the the phone with the Loan Officer this morning, and he told me he would have an answer for me by this afternoon.. I do have to say the time is going by so slow waiting to find out though.. Keeping my fingers crossed!! Good Luck!!

[Anonymous]

We were approved in about 10 seconds doing an online application with Navy FEd, we chose to go a different route and use a broker that one took two days, mostly b/c they were waiting for hte VA paperwork

[Anonymous]

I just noticed your scores, I'd bet you'd get an on the spot approval assuming your income is in sync with how much you want to borrow.

My dh's FICOs were 715-739-730 (loan is in his name only) when he got the seconds later approval and that was not for the VA loan

[Anonymous]

We were in your position score and DTI and found out in one day.  We met with our loan officer Monday night and found out Tuesday night.  We went FHA and he said we were auto-approved so I guess that is why it didn't take long. 

Good luck!

[Anonymous]

I go in tomorrow to meet with the loan officer at my bank. I originally wanted to wait until the end of this month because I don't want to close until mid July. However, she informed me yesterday that they just released more bond money so she wants me to apply right away since things seem to change daily. I have all the paperwork she is requesting handy because I have been pursuing homeownership for a few years so I held on to things that I would normally shred. My current scores are 765, 774, and 794. I make $45k a year and my current debt totals $450 a month. My price range is $130,000 to $150,000. I have about $7k in savings and another $10k in a 403(b). I am so anxious and I know if I have to wait through the weekend it will kill me. Wish me luck.

[Anonymous]

It should not take more than a couple of days.  Like some folks have said, some are relatively instant.  Their model just looks at score and how much you can afford based on current rates and what you tell them your income is.

[pattycake]

lady - you are not going to have a problem being approved, with your scores, even a 5% down will get you funded. If this is your first home, you may qualify for a MyCommunity mortgage, which is designed for people who don't have a big down payment.

Good luck!