Van Metre Expectations Guide - Manual / Resource - Page 13
You will need to provide Van Metre with a copy of the following approval letters from your loan
officer. Below are the types and descriptions of approval letters, and the timeline when they
TYPE OF APPROVAL
For Cash Buyers
If the Agreement is not contingent on
financing, Buyer must provide proof of
financial ability to pay the balance due
at settlement. Proof must be in a form
acceptable to the Seller.
Within 10 days of the Effective
Date of the Agreement of Sale
and when requested thereafter.
Determines buying power and gives you
the requirements to do so. It is not a loan
commitment. It may contain conditions,
such as selling your home(s), paying down
debt, or putting down a larger down
payment. It is your responsibility to make
sure these conditions are satisfied in a
At contract or no later than 10
days after the Effective Date of
the Agreement of Sale.
Verifies assets, liabilities, credit scores
and approves you for a loan amount.
No later than 30 days of the
Effective Date of the Agreement
Defines type, terms, interest rate and
conditions relative to the loan.
A commitment letter is issued
after all items requested by
the lender during the loan
application have been supplied.