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Your loan officer will mail or fax your conditional loan approval letter once you are ready to make an offer on property you wish to purchase.
Date________________
Loan applicanr
Address
City, state
Dear
Thank you for contacting Mortgage Makers Lending Corp. for your financing needs. If you intend to buy a house, DO IT NOW, as we have conditional loan approval and the interest rates are still very low.
YES! You have been pre-approved for a loan based upon the initial information you provided to us on your application, your income and your single in-file credit report. There are at least ____ loan approvals of which the best approval is for a loan of ______________percent (______%) of the purchase amount and all or part of the closing costs can be included in the loan if the property appraises for more than the purchase amount. Also the lender will allow a gift from a relative or the seller can pay 6% of the purchase amount for closing costs. This conditional approval is subject to final underwriting upon submission to the lender of a complete original loan package including an appraisal, clear title and location of the property you choose, and verification of your credit, income, rent/mortgage payment and employment information. Please bear in mind that a change in employment, additional debt, numerous credit inquiries or any debts becoming over 30 days late can effect your lenders decision and may cause this approval to be altered or even withdrawn (so be careful with what you do until after closing of this loan). Please call us if you are contemplating any changes that might affect this approval.
If you do not have a house in mind you should start looking. Once you have found a house and are ready to make a purchase offer, call us first as we will need to inform the real estate sales associate of how to write the contract based upon your loan approval. If you are buying a home directly from an individual we can help you or advise you how to write the contract so that your loan approval will work with the purchase the property. Call us if you have any questions.
Sincerely,
Loan Officer
Mortgage Makers Lending Corp.
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