Hedge funder Scott Bommer, of SAB Capital, is in contract to sell three Lily Pond Lane properties in the Hamptons for $110 million in an off-market deal, The Post has learned.
A pre approval is based on the documentation the borrower supplies at the time of application, and any actual eligibility to receive the pre approved loan depends on the terms and conditions of the pre approval and ability to secure the loan before the pre approval expires.
Lenders are in charge of setting their own guidelines in reference to how long a pre-approval is valid. Some lenders will set a guideline of 45 days, while others will go as long as 90 days.However, should a pre-approval letter expire because the borrower hasn't found the right house, he can obtain a new pre-approval letter once the lender has re-verified his income, debt and credit situation.re-approval letters will range based on the type of the loan that the consumer selects. However, pre-approval letters can be issued for multiple types of qualifying loans. When a consumer is pre-approved for a conventional loan, for example, she could also be dually qualified for a FHA loan.