As long is there no changes, to your credit, debt, income or assets a preapproval is good indefinitely from the time that you originally get preapproved with a mortgage lender to the time that you get into contract purchase a home. Upon getting into contract to purchase a home, you’ll want to provide updated financial to your mortgage lender. The updated financials will usually consist of the most recent paystub’s for the last 30 days, updated bank statements for the most recent two months if you’ve been home searching for longer than two months, and the lender will need to re-pull a copy of your credit report.
The credit report is good for 90 days. So if you pull credit for example on June 1 and you don’t find a house until December 1, the lender will need to pull a copy of your credit report again. As long as your credit score does not drop and all the other changes listed above are in line with your original preapproval, you should be just fine to buy your house. If you are presently preapproved and are searching for a house or want to find out what mortgage lenders are to be looking for when the time comes for you to buy your home, check out this article which explains the top 10 reasons you cannot buy a house.
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