Conditional approval

[Anonymous]

Does this mean the application has been to underwriting already?

[kc0039]

Yes.

[pipeguy]

---

@Anonymous wrote:
Does this mean the application has been to underwriting already?

---

Kind of.... it means on face value the loan meets approval specs. You should see a list of conditional terms being required to be satisfied such income, tax returns, SSN verification, assets and credit report concerns appraisal, etc. Once everything is provided with "no issues" you'll get a cleared to close statement or letter. 

I just went through a refinance and we got the "conditional letter of approval" 2 days after submitting the application - there were 20 "conditions-requirements" that had to be met - none of them too difficult (faxing in documents, signing a few forms, paying off the old mortgage and HELOC, etc). 

[Anonymous]

We had turned over all our tax w2 pay stubs bank statements prior to this

[me12345]

Yes, the Underwriter has reviewed the file and has Conditionaly "Approved It" ... so long as you meet all of the "Conditions" outlined, you will recive a "Final Approval" or "Clear to Close"

Thanks,