How Long Can You Hold a Preapproval for a Mortgage?

Circumstances change, so lenders require updated documentation from applicants.

Valid Indefinitely

A pre-approval is based on your credit and income. It isn't a loan commitment from the lender's underwriter. Pre-approvals provided by loan officers are based on the last 30 days of income, asset and credit documentation, without full verification from the sources. Pre-approved status is valid indefinitely.

90-Day Limit

Fannie Mae and the Federal Housing Administration, two major providers of mortgage underwriting guidelines, require credit documents no older than 90 days to close a loan. A pre-approval from a lender means that the underwriter has reviewed the credit documents, and that they're valid for 90 days.

Bottom Line

You can hold a mortgage pre-approval for an indefinite amount of time. However, what matters is how long the lender considers you eligible. Because employment, finances and credit scores can quickly change, most lenders will accept updated documents no older than 90 days.

References

• FHA Handbook 4155.1: Term of the Firm Commitment or Underwriter's Approval
• Fannie Mae: New and Updated Undewriting and Eligibility Policies