A standard NMHL pre‑approval letter is valid for 60 days. If you haven’t found a home within that window, you can request an extension, which may involve a brief update of your financial documents and a new credit pull.

A single hard inquiry typically lowers your FICO score by 5‑10 points, but the impact is short‑lived. NMHL recommends limiting credit applications to one or two within a six‑month period to preserve your score.

Yes. NMHL’s Self‑Employed Solution accepts two years of tax returns, a year‑to‑date profit‑and‑loss statement, and bank statements showing consistent cash flow. A credit score of 620+ and a DTI under 45% are the typical thresholds.

Not necessarily. NMHL offers its First‑Time Buyer Advantage with just 3% down for qualified borrowers. However, if you qualify for local or state assistance—such as the USDA Rural Development program—you can combine it with NMHL’s loan products for even lower out‑of‑pocket costs.

If the purchase price is lower than your pre‑approved amount, the loan can be re‑priced to reflect the new amount, often resulting in a lower monthly payment. If the price is higher, you’ll need to provide additional documentation or a larger down payment to stay within NMHL’s underwriting limits.

Armed with a pre‑approval amount, you can focus on homes that fit within your budget, reducing time spent on properties that are out of reach. It also signals to agents and sellers that you’re a serious buyer, which can lead to faster negotiations and fewer competing offers.