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A computer showing that a buyer has just been Cash Approved™ and can now make cash offers on homes, even though they still need a mortgage

Express Cash Approval Criteria

  • Conventional, conforming mortgages only (no jumbo, VA or FHA)
  • FICO score ≥ 720
  • Minimum Down payment ≥ 5% for Primary, ≥ 10% for Second Home, ≥ 15% for Investment Properties
  • Debt to Income Ratio ≤ 40%
  • 2 yrs continuous employment history (no gaps)
  • W2 full-time salaried employee (qualifying with base income only, not bonuses or commissions)
  • Hourly employees, only if they have been with the same employer for the past 2 years
  • May only have 1 currently owned, retained property (must qualify with full payment)
  • Primary Residence, Second Home, and Investment Properties all eligible
  • No condos

Minimum Required Documents for Express Cash Approval

  • Loan application completed (must include minimum 2-year residence, employment history and completed declarations)
  • Express Cash Questionnaire completed, signed and dated by all borrowers, once eligibility is determined
  • Credit inquiry letter completed by all borrowers
  • REO letter completed by all borrowers
  • Large deposit letter completed by all borrowers
  • Asset statements and/or documentation verifying sufficient funds in checking, savings, stocks or IRA (NOT including any employer-sponsored accounts - 401K, 403B, etc.) to cover down payment and closing costs
  • 1 paystub dated within the past 30 days
  • Signed Resale Agreement

Additional Information

  • If you or your Buyer would like to make an offer on a property, an offer deadline must be provided (if applicable). Once all minimum required documents have been provided, response time will be within 24 hours, and oftentimes the same day.
  • If requested loan criteria change and fall outside the Express Cash Approval parameters, your buyer will continue onto their Cash Offer approval, subject to regular turn-times.
  • Buyers must notify their Approval Specialist of any changes in income, assets, credit and liabilities that may affect their eligibility.
  • Express Cash Offer approval is valid for 90 days from issue date.