Formal Pre-Approval

In today’s competitive real estate market it is often essential to have full underwriting approval before making an offer. The purpose of this is to make you more competitive than other buyers by removing your loan contingency, offering a shorter closing period and making the seller aware that you’re a serious buyer.

The same documents that you provide for loan prequalification are used to secure formal loan approval. The approval is generally made for the highest purchase price/loan amount for which your loan officer thinks you are qualified. This gives you total flexibility to make any appropriate offer with the assurance that your loan will go through, subject to a satisfactory property appraisal.

It is at this stage that your loan officer will submit your loan request to an automated underwriting system (AUS) to secure preliminary approval. An AUS “accept” finding means that your application profile appears to meet the key requirements for the financing you have requested. It is not a formal approval, however, as this is only provided after review by a human underwriter.

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2019 Holmgren & Associates is a division of Finance of America Mortgage LLC |Equal Housing Opportunity | NMLS ID #1071 (| 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5698 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act
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This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states.  Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.  Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.  A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.  Questions, comments, concerns? Send to