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Re-Approve Your Pre-Approval

March 20, 2008 by Scott Kinne

Proceed with your home buying, but proceed with caution -- your pre-approval may be outdated

Since December 2007, mortgage lending guidelines have changed very quickly and often without notice.

Some of the more well-known changes include:

  • Broad restrictions on stated income home loans
  • Broad restrictions on 100 percent financing
  • “Risk-based fees” for credit scores under 740

Some of the lesser-known restrictions relate to property type and occupancy status as well as debt-to-income levels and mortgage payment histories.

Because of the number of changes and their collective scope, home buyers should be prudent and get re-pre-approved for their home loan.

Even if you last spoke with your loan officer four weeks ago, it’s important to know how market changes could ultimately impact your home loan approval.

The market really is that different. Talk to your loan officer about a re-pre-approval today.

Filed Under: Uncategorized

Scott Kinne

Contact Scott

Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

Licensed In Maryland, Virginia, Washington D.C., West Virginia
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First Heritage Mortgage, LLC, Company NMLS ID #86548

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3201 Jermantown Road
Suite 800
Fairfax, VA 22030
Business: 703-293-6146
Cellphone: 571-237-6241

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