Getting preapproval in multiple states from same lender?

Question

If I have a pre-approval for a purchase in California, can I use the same approval for a purchase in another state?

Sherief Elbassuoni · Answer

@Nam Trang, if the loan officer is licensed in both California and the other state, you should be good!

Reid Chauvin · Answer

Hi @Nam Trang - something to be aware of when looking in multiple states: the taxes and insurance costs will vary, and in some instances to a pretty substantial degree. In other words, the monthly and upfront costs for a loan of the same amount can differ from state to state, to the extent that you may not really qualify for the same loan amount in California that you do in Tennessee, for example.

Dave Skow · Answer

@Nam Trang- this  should be OK  but  to be sure  - ask the CA lender  this  question to make sure that 1) they can lend in the " other "  location  and  2) to make sure that the  other location  doesnt have any  different  guidelines ....eg.    a  800K loan amt in Seattle WA  is a conforming  conventional loan  whereas  this  would be  considered a  jumbo loan  in many other  states / locations  and  loan underwriting for  jumbos  is  much  different than for conforming loan amts

Caroline Gerardo · Answer

Lender needs license in state where property resides. Listing agent will want a customized preapproval to accept your offer.

Jonathan Oh · Answer

@Nam Trang Did you already purchase in California? If so, you definitely want to talk to lender again.

Erik Browning · Answer

@Nam Trang If your lender is licensed to originate in the state for which you are putting in an offer, then yes you can use the preapproval however it's good to have a conversation with them first.

Like @Reid Chauvin mentioned, taxes and insurance and other escrow fees will vary. Solid advice by him. Texas for example has wild property taxes, which may affect your DTI. It's best to have your lender run a quick scenario prior to you submitting an offer.

Jacob Peace · Answer

My company works in almost all 50 states! Your pre-approval with us would be good in every state we work in.

Chris Seveney · Answer

@Nam Trang

Pre approvals are not for a specific property. This would be a question for your lender if they do business in the other state you are looking at.

If they did typically the answer would be yes as a preapproval is for a mortgage amount.

Getting preapproval in multiple states from same lender?

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