So if you get an "approval letter" when making an offer, the bank or lender is likely using the wrong semantics, and the letter should be written as a "pre-approval" letter. A pre-approval letter means someone (the loan officer, mortgage broker or the underwriter) has reviewed the finances of the buyer and that things look OK.
fha loan repair requirements Good news for all: government eases FHA loan requirements – overly paternal requirements about property condition and repairs of resale houses. In the boom markets of 2004-2005, realty agents often advised sellers to reject purchase offers that came with FHA.4 days ago. Pre-approval is the second step, a conditional commitment to. It's quick, usually taking just one to three days to get a pre-qualification letter.