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Did You Know : The Lifespan Of A Mortgage Approval

2008
06.03

Mortgage approvals don't last foreverMortgage 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.

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