Solid Offers Come With A Verified Approval Letter (2024)

If you’re a buyer in a competitive real estate market, you may have felt the frustration of being outbid. Having an extra card up your sleeve helps your offer stand out from the rest. A Verified Approval Letter (VAL) from Rocket Mortgage^® gives you a competitive edge by letting the seller know your finances are secure.¹

Let’s take a closer look at what a Verified Approval Letter is, how it can help you become a homeowner and what you need to do to get one.

What Is A Verified Approval Letter?

A Verified Approval is a document that you receive after you've had your income, assets and credit confirmed by our underwriting team, stating that you qualify for a mortgage up to a specified amount. With a VAL from Rocket Mortgage, you can make an offer on a home confidently knowing we’ve done the work to verify your financing.

Verified Approval Letter Vs. Preapproval

It’s important to understand how a Verified Approval Letter differs from a standard preapproval. While other lenders can offer you a preapproval, only the Home Loan Experts at Rocket Mortgage can provide you with a Verified Approval Letter.

Underwriters from other lenders don’t get involved with a standard preapproval, but at Rocket Mortgage, we go the extra mile to provide you with additional peace of mind throughout the home buying process. One of our underwriters will specifically review your documents and issue you a letter stating how much home you qualify to purchase. Having our name and reputation attached to your preapproval could give you a competitive edge over other home buyers.

Verified Approval Letter Vs. Prequalification

There are also important distinctions that should be made between being prequalified for a mortgage and getting a VAL from Rocket Mortgage. With a prequalification, a lender gives you a basic estimate of how much home you can afford based on the financial information you give them.

Unlike with a Verified Approval, a prequalification doesn’t require the lender to verify the information you give them, so there’s a chance they could uncover information that would make you ineligible for a mortgage loan once they begin the actual approval process.

Why Verified Approval Works

Financing problems are a major reason why home sales fall through. Cash offers are more appealing to sellers because they’re a sure thing, but not everyone has that kind of cash on hand. Verified Approval Letters can help home buyers get their offers accepted because they provide sellers with confidence in a buyer’s financing.

We strengthen your offer by verifying your credit, income and assets with documentation you send to us. These documents help us determine how much home you can afford. Then, we’ll issue you a VAL stating that you’re approved to buy a home for the amount you qualify for, so the seller can have confidence that accepting your offer will lead to the sale of their home.

How To Get A Verified Approval Letter

In order to get a Verified Approval Letter from Rocket Mortgage, you’ll need to provide us with several documents that we can use to verify your finances, including:

• Paystubs
• W-2s
• Income tax returns
• Bank statements

We’ll also check your credit score and debt-to-income ratio (DTI) as part of the Verified Approval process. All of this information will help us to determine the loan amount you qualify for.

Verified Approval Letters Show The Seller You’re Ready To Buy

Whether the housing market you’re in is ultra-competitive or on the slower side, having a strong approval letter lets the seller know you mean business. A Verified Approval Letter speaks for itself. When we issue you a Verified Approval Letter, we’re saying you have your finances in order and you’re ready to buy.

Selling a home is a huge step, and when a seller accepts your offer, they’re trusting that you can fulfill your end of the bargain. Having your VAL ready will show a seller that you’re serious about buying, and that you have the finances to back it up.

Verified Approval isn’t just any preapproval – it’s backed by the buying power and expertise of Rocket Mortgage. This means you have a competitive edge, no matter the housing market.

The Bottom Line

When you find a home you want, including a Verified Approval Letter with your offer shows your offer should be taken seriously and could be the advantage that gets your offer accepted. After your offer is accepted by the seller, you’ll be able to rest easy knowing you have one less thing to worry about. A VAL gets you that much closer to closing.

Are you ready to begin the home buying process? Take the first step and start your mortgage application online today with Rocket Mortgage.

¹ Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, assets and debt. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Rocket Mortgage’s control, including, but not limited to satisfactory insurance, appraisal and title report/search, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close due to a Rocket Mortgage error, you will receive the $1,000. Client must submit the claim to Help@RocketMortgage.com or contact Client Relations at 1-800-863-4332 to complete and return a claim form to Client Relations in order to claim the $1,000. Additional information will be required for tax purposes. This offer does not apply to new purchase loans submitted to Rocket Mortgage through a mortgage broker. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional conditions or exclusions may apply.