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Can I submit backup offer with Pre-Qual/Best place to apply these days

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penelope10
Established Member

Can I submit backup offer with Pre-Qual/Best place to apply these days

I have a VA home loan through GMAC (ALLY) already.  I have no more VA eligibility, and I want to go the FHA route.  I have enough for the down payment.  I make just over $150k per year which includes the rental income from the GMAC mortgage.  Renter has been in 2 years.

 

My credit union offers 15 year FHA loan for 2.875%.  I Pre-Qualified for the amount I am looking for ($335k), but I am hesitant to get the Pre-Approval because they require $500 to get the Pre-Approval which will be applied to the loan upon closing.


The house I want is a foreclosure that is under contract for the third time.  First two people couldn't get financing.  I want to submit a backup offer but not sure if I need to be pre-approved first, or is Pre-Qualified good enough?  My scores are in my sig, and I know I will get the pre-approval.  I just don't want the Hard Inquiry if the other offer is accepted.  Any advice?

Also, if I need a pre-qual, where would be the best place to apply these days?


Starting Score 5/1/2002: 553
Current Score 5/30/2012: 785 (EQ FICO)
Current Score 10/2/2012: 803 (TU FICO)
Goal Score: 800


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2 REPLIES 2
StartingOver10
Moderator Emerita

Re: Can I submit backup offer with Pre-Qual/Best place to apply these days

Use the bank that has the f/c for your PQ.

You can use any lender to close, but most of the f/c's I work with require you to submit your docs to them anyway to make sure you have the capactiy to close.

 

But you might prefer to first get your free PQ from your CU then go to the bank that has the f/c so you can show you have the ability to close.

Message 2 of 3
tammyjk
Regular Contributor

Re: Can I submit backup offer with Pre-Qual/Best place to apply these days

After putting in offers on short sales ect.  Personally, I would take a hard look at why the first offers fell through.  It may not necessarily be due to their credit but low appraisals ect.  I recently looked at one home where "financing fell through" twice.  And actually, the bank would not finance the amount they were looking for.  Cash in hand was needed to make the deal.  Needless to say the house is still on the market.

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