Can I get pre-approved without having my credit ran?

In short the answer is no, but for a few reasons. A credit report is only as good as that moment in time that it is obtained  by the creditor, mortgage company, bank etc.  The Fair Credit Reporting Act & Home Mortgage Disclosure Act  both prevent a lender from originating a new loan with another company’s credit report. Mortgage companies are under such tight scrutiny by Fannie Mae and Freddie Mac that in order to original loan a credit report is only indigenous to the mortgage company that actually originates the loan for the consumer.

As such, credit reports are  only valid for that individual company. To get pre-approved purchase a home, a reputable mortgage professional will need the following items at the minimum:

  • two years of most recent federal income tax returns
  • two years of most recent W-2s
  • pay stubs the most recent 30 days
  • bank statements for the most recent 60 days, or quarterly if any accounts or quarterly or annually if any accounts are annual
  • signed authorization form to create a loan application and permission to obtain a credit report

 This information allows the lender to extrapolate the data they use necessary in qualifying you for purchase money financing.

Not allowing the lender to pull copy of your credit report is a recipe for disaster……… credit scores change, balances on credit obligations change, minimum payments on credit obligations change and the overall aspect of the total credit picture can change as well. Running numbers for pre-approval to make a purchase offer to buy a home, without all of the information risks the integrity of your ability to perform on the contract, as well as your buyers agent’s reputation in the local market.

* You can also use are complementary home affordability calculator.

If you would like to get pre-approved  to buy a home, the right way, contact today!




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