How Long Is A Pre-Approval Good For In Ohio

So a commonly asked question is, once a person is pre-approved is, how long is a pre-approval good for?

Well, let’s start off by saying that a credit report is good for 120 days.

Whether you’re using conventional financing, FHA financing, or VA financing, your credit report is good for 120 days with most mortgage banks.

Now, a bank may have a different set of rules. They may qualify you for 90 days, but 90 to 120 days.

And so here’s what happens.

We get you pre-approved based on your most recent pay stubs, bank statements, and credit report.

If after 90 days you haven’t found a home, we do a soft credit pool, and we’re just verifying that everything is still paid on time and that you haven’t opened any new debt. Otherwise, we’re good for 120 days.

After 120 days, we have to pull a new credit report because a lot could change over a four-month timeframe with credit.

So this is why it’s mandatory that we pull a new credit report after 120 days.

Just another helpful tip from Rodney Reynolds mortgage guy.

Email: rodney.reynolds@ruoff.com

Direct Line: 440-882-5403

Fax: 440-398-8173

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Are you ready to get your home-buying process started? Contact us today at (440) 628-1321 for expert guidance.

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If you are looking for a home in northeast Ohio, there are many options available to you. You can find suburban homes with large yards and easy access to highways, or homes in downtown Cleveland or Akron areas with close proximity to amazing restaurants and nightlife. No matter if you are looking to sell, build new construction, or buy resale, there is a reason to reach out to Realty Done to guide you through to your new destination with less stress and overwhelm.