Conditional Approval Letter Template - Mortgage Loan printable pdf download

Conditional Approval Letter Template - Mortgage Loan

Figure: 7 TAC §80.201(b)

Form B

Conditional Approval Letter

Date:

Residential Mortgage Loan Originator:

License Number: ________________

Applicant:

Address: _______________________

Phone #: _______________________

Loan (describe as follows):

Loan Amount:

Interest Rate:

Interest Rate Lock Expires (if applicable):

Maximum Loan-to-Value Ratio:

Loan Type and Program:

Secondary financing terms (if applicable):

Optional Information: Points: Origination: __________ Discount: ____________

Commitment: _________ Other (describe): ______

Subject Property:

Residential mortgage loan originator has received a signed application from the applicant.

Residential mortgage loan originator has:

Reviewed applicant’s credit report and credit score ____Yes ____Not applicable

Verified applicant’s income ____Yes ____Not applicable

Verified applicant’s available cash for down payment and closing costs ____Yes ____Not applicable

Reviewed applicant’s debts and other assets ____Yes ____Not applicable

Applicant is approved for the loan provided that the applicant's creditworthiness and financial position do

not materially change prior to closing and provided that:

1. The subject property is appraised for an amount not less than $________;

2. The lender does not object to encumbrances to title shown in the title commitment or survey;

3. The subject property's condition meets lender's requirements;

4. The subject property is insured in accordance with lender's requirements;

5. The applicant executes the loan documents lender requires; and

6. The following additional conditions are complied with (list):

This conditional approval expires on __________________.

________________________________

Residential Mortgage Loan Originator

Conditional Approval Letter Template - Mortgage Loan