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Mortgage Guy
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Mortgage Guy answered:
Nothing is guaranteed until the the funds are actually transferred to and disbursed by escrow and the sale is recorded at the county.
Most likely, you have received a conditional approval from the bank. This means that they have analyzed, at the very least, your credit worthiness, the income and assets reported on your application, and have determined that you qualify according to the guidelines. However, now they need to verify your income via the W-2's they have requested and your assets via the bank statements.
You did not mention if an appraisal has been submitted. If it has not been done or if this is a pre-approval, then your approval would also be subject to approval of the appraisal and a title search on the property being purchased. If these items have not been completed, then you have a few more hurdles to cross to close on your purchase.
Most likely, you have received a conditional approval from the bank. This means that they have analyzed, at the very least, your credit worthiness, the income and assets reported on your application, and have determined that you qualify according to the guidelines. However, now they need to verify your income via the W-2's they have requested and your assets via the bank statements.
You did not mention if an appraisal has been submitted. If it has not been done or if this is a pre-approval, then your approval would also be subject to approval of the appraisal and a title search on the property being purchased. If these items have not been completed, then you have a few more hurdles to cross to close on your purchase.
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