Does this mean I'm pre-approved please help????

[Anonymous]

Hello, I received a conditional approval letter for Bank of America. It listed the Conditional approval based on the following loan terms: Loan Amount, Estimated sales price, Estimated Down Payment, Maximum Combined Loan to Value Ratio, Loan term, Interest rate. Oh, this is for an FHA loan.

The letter started off by saying Congratulations! After reviewing your credit information, we have deteremined that you credit meets our requirements to conditional approve you for a loan subject to the conditions below.

Then at the close it states your inquiry is not consiered an application for credit.

It's a POS conditional approval letter without property.

So what does this mean exactly?? Am I pre-approved to really start looking at houses OR does this mean I'm only pre-qualified??

[wally101]

Sounds like the pre approval letter I got from Wells Fargo. It was a "priority buyer" from home services lending. Which basically says you are good to look at houses in the budget you applied for. It tells the agent you are a serious buyer. If you make an offer they will want to see a copy of this. It is not an official pre approval from what I understand. When I did mine it was done with the lone officer who took my info and ran my credit. I then got a copy of closing cost estimates. Did they pull your credit? Sounds like a similar letter, just a different lender. Congrats....

[Anonymous]

yes you are approved as long as you can meat the conditions that they have on it..call you LO and he or she will go over it in detail..congrats..