topic DOES THIS MEAN I AM PRE-APPROVED? in Mortgage Loans

DOES THIS MEAN I AM PRE-APPROVED?

Aimfor800 — Mon, 17 Apr 2023 13:57:27 GMT

MyFico Family,

We are first time home buyers. My mortgage score is low, right at the 580 mark. My spouse's is way better, 720. I have a BK that is 5 years old. Financially, we have more than enough funds saved for the required down payment, we are actually talking about putting down 20% if approved. We applied for pre-approved with 5 different lenders. One came back with the next step - "Additional Documents Required".

So the question I have to MyFico Family, is, does that mean we pre-approved with the lender? As we have not heard back from them, no calls, no emails.

This is what I am seeing when logged into the loan portal. All status were updated late Friday afternoon. ( Cannot, do not know how to include screen shot)

Property - Appraisal
Property - HOI Mortgagee Clause
Property - Purchase Contract
Property - Property Survey
Misc - Singed Initial 1003 Form
Misc Documents

We very much appreciate any comments, words of wisdom! Thank you!

Re: DOES THIS MEAN I AM PRE-APPROVED?

MortgageMama — Mon, 17 Apr 2023 15:45:09 GMT

You are definately not pre-approved. At least the one lender had an automated response to remind you what will be needed in the future. You will know when you are pre-approved because you will receive a pre-approval letter - likely after you have a conversation via phone or email. Did you submit any documents like W-2's, paystubs, asset statements? Caution here - you probably had 5 hard credit pulls, so you don't want to have any more.

Re: DOES THIS MEAN I AM PRE-APPROVED?

Aimfor800 — Mon, 17 Apr 2023 16:04:20 GMT

@MortgageMama

Thanks for your respond. We have submitted everything they've asked. I guess we are now in the "waiting game" part of the process.

Re: DOES THIS MEAN I AM PRE-APPROVED?

VAMortgageGuy — Mon, 17 Apr 2023 16:22:29 GMT

@Aimfor800 wrote:
MyFico Family,

We are first time home buyers. My mortgage score is low, right at the 580 mark. My spouse's is way better, 720. I have a BK that is 5 years old. Financially, we have more than enough funds saved for the required down payment, we are actually talking about putting down 20% if approved. We applied for pre-approved with 5 different lenders. One came back with the next step - "Additional Documents Required".

So the question I have to MyFico Family, is, does that mean we pre-approved with the lender? As we have not heard back from them, no calls, no emails.

This is what I am seeing when logged into the loan portal. All status were updated late Friday afternoon. ( Cannot, do not know how to include screen shot)

Property - Appraisal
Property - HOI Mortgagee Clause
Property - Purchase Contract
Property - Property Survey
Misc - Singed Initial 1003 Form
Misc Documents
We very much appreciate any comments, words of wisdom! Thank you!

If you haven't received a call from a loan officer or an actual pre-approval letter, I would consider finding another lender. If this is the best they can do from a communication stand point, do you think they'll get better once you have money on the line?

Re: DOES THIS MEAN I AM PRE-APPROVED?

Aimfor800 — Mon, 17 Apr 2023 17:13:40 GMT

@VAMortgageGuy

Thanks! As @MortgageMama have mentioned, I've already taken 5 HP, I will stay put for another year or so.

Re: DOES THIS MEAN I AM PRE-APPROVED?

VAMortgageGuy — Mon, 17 Apr 2023 18:06:58 GMT

@Aimfor800 wrote:
@VAMortgageGuy

Thanks! As @MortgageMama have mentioned, I've already taken 5 HP, I will stay put for another year or so.

You can have 40 HPs and it won't impact your mortgage scores as long as the HPs are all within a 45 day window, per the CFPB.

Re: DOES THIS MEAN I AM PRE-APPROVED?

rosco75 — Mon, 17 Apr 2023 20:08:08 GMT

@VAMortgageGuy wrote:
@Aimfor800 wrote:
@VAMortgageGuy

Thanks! As @MortgageMama have mentioned, I've already taken 5 HP, I will stay put for another year or so.
You can have 40 HPs and it won't impact your mortgage scores as long as the HPs are all within a 45 day window, per the CFPB.

Ive always wondered if they would still effect your FICO 8's when this happens lol

Re: DOES THIS MEAN I AM PRE-APPROVED?

donkort — Tue, 18 Apr 2023 16:16:27 GMT

Your important scores in mortgages are your FICO 2, 4, and 5 scores.

Re: DOES THIS MEAN I AM PRE-APPROVED?

Chazzay12 — Thu, 20 Apr 2023 11:06:16 GMT

Just to echo some others:

that's not preapproval. Preapproval (as said) you will receive a letter after they verify your income, W2s, taxes, etc.

Prequalification is them saying "judging by what you have told us, you're good" it's a good first start needed but they won't pre approve you until they verify everything to be true.

This has been my experience & what my lender has told me.

Re: DOES THIS MEAN I AM PRE-APPROVED? UPDATED

Aimfor800 — Mon, 12 Jun 2023 14:58:38 GMT

CLOSED & FUNDED 05/25!!!

Was on a trip overseas, hence the late post!

Thank you all.

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