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

July 25, 2013 by Scott Sheldon

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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 Scott.Sheldon@nafinc.com today!

 

 

 

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Filed Under: Credit Score Questions and Answers, Purchase Mortgage Loans Questions and Answers

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2455 Bennett Valley Road C107
Santa Rosa, CA 95405
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Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

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