How long do lenders typically honor a Pre-Qualification?

[Jordon Nichols]

Hello everyone!

My question is pretty simple and straight forward.

How long do lenders typically honor a Pre-qualification?

I plan on using either an FHA or a VA loan when I get home from overseas in about 2 months to purchase a 4 unit. I am pondering getting pre-qualified now in order for Real estate agents to take my inquiries more seriously and to get that portion squared away ahead of time but fear I will have to get re-approved later, have another credit mark, and have to go through the process again.

Thank you for the help and advice!

Jordon   

[Jeff Dulla]

@Jordon Nichols It is a simple enough seeming question but of course it is more complicated in our business. There is a difference between a pre-qual and a pre-approval. And different lenders seem to call them different things. I guess the first question for the lender would be, what is all done with a pre-approval or pre-qual? Is it just a credit pull? Ask them to describe. 

If it is just a credit pull, then you may be looking at a 90 to 120 day window. If it is meant to be based on income and asset docs, those are only going to technically be good for a 60 to 90 day window before they "expire". 

It sounds like you are also worried about inquiries and re-pulling credit. I would say maybe wait until you are within 30 days or so and move forward with the pre-approval with someone.