Question : How far out can I apply for a home loan?
My family will be moving in about 4-5 months. If I applied for a home loan now, how long would the approval amount be good for before I had to reapply? We would like to know what kind of price range we are looking at and possibly have the new home picked out so that we can close on that home as soon as our current one closes. Also, does anyone know how soon after selling your home (when the loan is closed) I should expect to receive the profit from doing so? We purchased our home for 75,500 and can expect to sell for right around 90,000 and we were hoping to use the profit towards the new home (landscaping, new dishes, etc) We don't need it for a down payment because we will be getting a VA loan. Any other info that you may have as well would be GREATLY appreciated! Thanks so much!!
- asked by mama of 2
All Answers:
Answer #1
you could apply now, and not take the loan, withvarious lenders. I would not go to lower mybills.com to put yourself out there unless youlike a lot of phone calls. I would check withyour local back to see what you qualify for andalso check your credit report to see hwat itsays...You want an average score of atleast 680+to get the best rates. You can do this atwww.freeannualcreditreort.com get the betterscores in those few months too, to get the bestrates. Besides you can see if anything isreporting wrong.
- answered by caffeinecowgirl
Answer #2
Generally speaking, an approval would be good for120 days, unless you bought new construction, thenit's 180 days. After that, you'll need a newcredit report at least, and probably a new bankstatement and paystub. It's not like you have tostart completely from scratch again. It neverhurts to know, well in advance, how much you canspend. Keeps you from finding something out ofyour range and getting your hopes up.
- answered by Yanswersmonitorsarenazis
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measure and fulfill your financial needs
