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Last month my Mortgage broker ran my report and told me i needed to repair my credit to get a loan. Spent the last month calling CAs and paying off old debt. Got a call from my broker this afternoon and was told that he reran my report as agreed and that i was now pre-approved for a VA home loan and that i should receive my pre-approval letter shortly. Apparently he also called my realtor and informed her of the news because as soon as i walked out of work this afternoon she called and wanted to schedule a time to see some places.
I've gotta say reading all these forums has been a huge help and hopefully i'll be able to find a place i like and can clear underwriting without too many issues.
I plan to keep this updated with the rest of my home search.
How wonderful! Gl wit the process
So i got my pre-approval letter and went with my agent to check out some houses yesterday. Told my agent that i liked one of the places and would like to put a bid in. Got an email this morning telling me that i need my preapproval to go through underwriting before i can put a bid in. WTH!?!?! Why?
I'll repeat that for emphasis. I HAVE TO GO THROUGH UNDERWRITING BEFORE I CAN EVEN BID ON A HOUSE.
That sounds so far beyond stupid.... /headdesk
I agree with jasbrek. Who gave you that information?
So you basically just need a pre-qualification letter to bid on the house right ?????
My lender and agent both said that. I'm very confused but there's not much I can do. With the market the way it is in Northern Virginia you don't get much time to sort this stuff out.
Sounds like you received a pre-qualification instead of a pre-approval.
And yes, homes in NOVA are going quick nowadays.
@nicholasyud wrote:So you basically just need a pre-qualification letter to bid on the house right ?????
You can bid on a home without a pre-qualification or pre-approval. However, if your agent allows you to proceed, you enter contract, and then cannot secure financing, you may lose your earnest/deposit money.