Home Buying in Manteca>Question Details

Delta135, Home Buyer in Manteca, CA

What is a non-contingent loan approval?

Asked by Delta135, Manteca, CA Sun Nov 15, 2009

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Caroline Choi’s answer
Non-contingent loan approval means there are no other terms that need to be fulfilled for your loan to be approved. A lot of loans are contingent upon clear title, verification of income, appraisal value coming in, property needs to be properly insured, etc. Looks like you're in a good position!
0 votes Thank Flag Link Wed Aug 31, 2011

A non-contingent loan approval indicates that there no contingencies or items to be performed for loan approval. A loan approval should have the contingency for the appraisal. A home appraisal normally is required for the loan and protects the buyer in case the appraisal is less than the contract value. Contingencies are to protect the buyer’s interests in the home sale. Please let me know how I can be of assistance.

Carol Perdew
Prudential California Realty
(209) 239-7979
DRE 985176
0 votes Thank Flag Link Wed Aug 31, 2011
Although I am not in lending, this type of loan approval could possibly mean that you do not have any other obligations to meet prior to getting your loan for a purchase of a home.
Your best bet is to ask your lender since they are the experts in this field.
0 votes Thank Flag Link Sun Nov 15, 2009
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