FHA Lender Recommendation

4 Replies

First, I apologize as I am sure this has been posted thousands of times. I did attempt the search function, but could not figure out how to just search the Washington Forum.

I reside in Socal and was just getting ready to invest in the midwest. Got my pre-approval and agents, etc. Recently, just found out there is a 95% chance I will be relocating to Seattle for work mid-august. Before finding this out I had lenders pull my credit and I am still within the 14 day window for additional pulls (right?)

1. Can I still reach out to lenders for a FHA pre-approval and not get dinged as long as its within the 14 day range of the 1st pull?

2. How long do pre-approval letters stay valid for?

3. Can anyone recommend  lenders? 

Idea now is to house hack a SFR. Possibly convert a garage/basement as my living quarters and rent out the main portion.

Thanks!!

@Dan D. You should be fine if you're still within the first 14 days, but even if you're not, another hard pull is maybe a couple of points off your FICO in the short-term.

Pre-approval letters, assuming everything else stays the same, are good for about 90 days. This is because you can only close a loan with a credit report that is less than 120 days old. Typical loan process is roughly 30 days, so if you get a home under contract on day 91 most lenders will need/want to pull another credit report. They will also need updated income & asset documentation once the home is under contract, but again, assuming everything stays the same, 90 days is typical for most pre-approval certificates.

Your agent should have a lender in the area they trust, and if they don't, I work in Everett (30-45 min north of Seattle, depending on traffic). Best of luck with your purchase!

Dan - if you haven't already done so - get a " full " pre approval completed if you are still considering buying in w. Washington as this type of pre approval means providing all data lender asks for and an actual underwriter reviewing and approving the FHA scenario you are working with ...reason this is important is because if you locate a property and make an offer - this full pre approval should allow you to offer a short closing time frame and possibly make your offer stronger and worth considering over another offer ...this process is free ...most lenders require a tri merge credit report be pulled ...most lenders in Seattle are great FHA lenders ( including us :) ) ...all the best