What does it Mean if the Bank Gives You a Conditional Approval??? Confused.Should I Start Packing???

Asked by Sheri, Easley, SC Thu May 28, 2009

This Waiting it Driving Me NUTS? They won't Return My Phones Calls.First time Home Buyer ...PLEASE Some one tell Me what this Means.closing in (3) Weeks...They Have All the Paper Work they Need...

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Luke Allison, , Asheville, NC
Thu May 28, 2009
BEST ANSWER
A conditional approval is a good thing. If you read it over there should be a list of conditions that you and the processor must collect and submit to underwriting before you receive final approval and a clear to close. Read the letter, make sure you meet the conditions, send them in ASAP and yes, start packing.

Feel free to call me if you have any questions.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
1 vote
Karen Cipria…, Agent, Willoughby, OH
Thu May 28, 2009
Sheri,

A conditional approval is a good thing! It usually means that they are waiting for some paper work to come in from some where else. For instance, maybe another dept. does the employment verification process, and they are just waiting for the paperwork to hit their hands that states you are working as a full time employee of XYZ Corp. If you have no hidden surprises, and you've been perfectly honest with the lender from the beginning, and your credit is not an issue, it sounds like the bank is just dotting the "i's" and crossing the "t's"! Understand that many lenders are swamped right now, Many people are re-financing, so along with people buying houses, they also work the re-finance end of the business, too.

Karen Cipriano
Lake County, OH
Web Reference:  http://www.karencipriano.com
1 vote
Djmikey1977, Home Buyer, Beaumont, TX
Mon May 9, 2011
So how did it turn out Sheri? I am in the exact same boat right now. Just got my conditional approval and sent in what they requested this morning...I also have 3 weeks till close and I'm in Limbo. Should I pack or should I NOT pack. I've provided everything they requested and truthfully, but there's always that "what if".

Luke: I am going with Bank of America. How long does this "conditional approval" take. First time buyer here, so all of this is very new to me.

Thanks
MM
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