Did You Know : The Lifespan Of A Mortgage Approval
Mortgage approvals don't last forever. A conforming mortgage approval from Fannie Mae or Freddie Mac has a shelf-life of 120 days. After 120 days, the approval expires and a mortgage applicant must re-submit his application for consideration. In addition, a mortgage approval can 'expire' within the 120-day period for other reasons:
- Change of job status or income
- Newly-acquired monthly debt (i.e. car payment, student loan)
- Change in asset levels
If your current mortgage approval (or pre-approval) is dated prior to February 3, 2008, it is now expired and your new approval may be subject to Fannie Mae's new, more strict, underwriting guidelines.