can i still change my home mortgage loan after pre-approved?

yes, i pre-approved for home loan and it approve me for 150,000 burrow with 5% apr for 30 years fixed rate and 3.5% down. will i be able to get loan for 15 years fixed rate and lower apr after the pre-apprval letter? and can i use family gift for down payment and closing cost?

Update:

how much percent for down payment to qualify for 15 years fixed rate?

4 Answers

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  • godged
    Lv 7
    9 years ago
    Best Answer

    20% down for a 15 year fixed rate and yes you can change lending plans if your contract allows for it.

    Source(s): Oregon Realtor
  • 9 years ago

    Yes, you can change mortgage programs. The only problem with that is if you do not get approved for a 15 year mortgage, you can not use that as a reason to get out of your purchase contract since you said you were applying for a 30 year mortgage.

    You can put as little as 3.5% down for a 15 year fixed rate mortgage.

    Message me and I can help you obtain the best home loan for your situation.

    Source(s): Mortgage banker for 15 years. Lend in 49 states (we just added 2 more!!). Specialize in government mortgages (FHA, USDA, VA) and explaining the process to first time homebuyers. Real estate paralegal for 10 years prior to working in mortgages.
  • Lisa L
    Lv 6
    9 years ago

    Sounds like you are going FHA. You payment on a 15 year will be much higher so you may not qualify. Yes, you may use a gift for down payment & closing costs on an FHA loan.

    FHA also has 15 year fixed rates. 3.5% down. You will still need to qualify with higher payment. Have your LO run it through the automated system to see if you qualify.

  • 3 years ago

    Chirs, you receive locked right into a 5.seventy 5% with rankings like that! you will be able to finally end up in a marvel with this yet your LO workplace grew to become into specific sufficient to declare you're interior the sparkling so have been given you to pay 1500! should not be a beginner LO, i could propose going to her supervisor and get a documented confirmation in this. you may desire to of asked them to pay it as part of your equipment. Pre-approval skill purely pre-approval. Underwriting is an entire diverse application, this is an actuall guy or woman who attempt your unfavourable aspects mutually with earnings, credit ect. You own loan could flow to 3 underwriters with that score subsequently postpone your ultimate date. I see alot of banks use the middle score of the single with the decrease credit as there marker for APR expenses. i'm hoping this one is going with the aid of for you. My pal Tom had a score of 740 his spouse has a 635 with the comparable DTI and earning ect. and have been given pre-authorized and ended up no longer getting authorized with the aid of underwriting. do some extra analyze on what proportion loans get authorized in underwriting.

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