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June 2021

This Week's Leaders

Buying A Home

Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

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How much did the bank pre-approve you for?

AbeFroman · 2011-12-02 10:28:04

I'm just curious, if anyone is willing to share. How much did you get pre-approved for vs how much you actually used to purchase your home? I hear a lot of people say they got pre-approved for way more than they would spend because of budget issues. Did anyone use all the money the bank offered you? Did you find you over…

Re: How much did the bank pre-approve you for?

sonrisa member

December 2011

We live in a very HCOL area. We didn't want to deal with a jumbo loan. Around here the FHA / conforming limit was 729K. That was the maximum loan we were willing to consider and told the bank we wanted an FHA pre-approval so that was obviously the max they could go to. I don't know what it would have been otherwise. We got the approval based only on DH's salary (because I was pregnant and I do contract work. We didn't want my paper work to delay closing). In the end we put the full 20% down rather than go with an FHA so our loan was less than that.

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