MAKE SURE BUYERS LENDER OR BANKER IS AWARE OF THESE HUD REQUIREMENTS
Pre-Approval Letter (required on contracts being submitted with FHA or conventional financing)
• Must be printed on the Lender’s letterhead and signed by the Lender
• Must have Property Address
• Must have HUD Case #
• Must have Purchaser’s Name
• Must be dated within 30 days of the bid acceptance date
• Must confirm the type of financing and terms Purchaser has applied for
• Finance type must match the finance type on the contract
• Must confirm the amount the Purchaser has been approved for
• Must confirm the Purchaser’s credit has been obtained and reviewed
• Approved loan amount must meet or exceed the gross purchase price
• If for some reason the loan amount does not cover the purchase price a
Verification of Funds letter from the Broker will also be required for the difference.
Proof of “cash” funds available
• Copy of bank statement verifying funds are available
• Account number may be “blacked out” on bank statements or other related documents
• Purchaser’s name must be on the statement, regardless of document type
• Statement must be dated within 30 days of bid acceptance date
• Available account balance must meet or be greater than the gross purchase price