FICO dropped after pre-approval

Mortgage lenders use different FICO scoring models than are generally available to consumers, so your lender may not see a decreased credit score, but they might. FICO scores are fickle, one would think paying off a loan would help but sometimes it does not. Your credit report on your pre approval will be good for 120 days, so if you hurry you might be able to close using that report if you go with the same lender you got preapproved with.

More info needed, but in general.. when you have a pre-approval, and you buy within the acceptable time frame (90 days), then the lender will go with the credit score on the report that's still valid. All conforming loans require the credit report to be dated 90 days or less.. the only exception for this is if you having a home built, then 120 is allowable, but most all construction lenders will still re-pull the credit report. Keep in mind that the loan must close inside of 90 days otherwise the lender will re-pull the credit report and if the score is lower, then your interest rate may change. Also, lenders use different scoring models than those "Check your Fico" websites.. and lenders always pull the 3 major bureaus, then they use the mid score for loan pricing.. so if only one score has dropped, and the other 2 have not.. it might not affect your loan. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893