What exactly is a verified pre-approval?

The verified pre-approval is an underwriter-reviewed pre-approval, or in layman’s terms, when your finances—your income, debt, assets, and credit history—have been reviewed by an underwriter, or a financial risk analyst, to determine how much money you can borrow, how much you can afford per month, and what your interest rate will be.

What do I need to be eligible?

Being in solid financial standing is wise for any Boston Seaport condo buyer looking to make a move. There are certain terms of eligibility customers must meet in order to use our Trade-In program. These may include things like savings for a down payment, or “good” credit. 

  • Minimum down payment: 5% (3% for first time home buyers)
  • Credit score minimum: 620
  • Maximum debt-to-income ratio: 50%
  • Bankruptcy, Chapter 7 or 11 ->  4 year waiting period
  • Bankruptcy, Chapter 13 -> 2 years from discharge date, 4 years from dismissal date
  • Foreclosure -> 7 year waiting period
  • Deed-in-lieu of foreclosure, pre foreclosure sale, charge-off -> 4 year waiting period

*Note these underwriting guidelines are mandated by Fannie Mae for conventional financing. 

 What documents will I need to submit?

We get it, no one likes sifting through paperwork. But, having the below documents ready to submit will help expedite the process. 

  • Bank statements: Checkings and savings for the last two months
  • Other statements: Your two most recent statements (either for last two months or last two quarters) for all other assets and reserves, such as investment and retirement accounts
  • A credit report: You can use an app like Credit Karma to pull your credit without impacting your score
  • Employment documents: W-2 forms for the last two years and pay stubs for the last 30 days
  • Tax documents: Federal and state tax returns for at least the last year
  • Homeownership documents: Mortgage statements and homeowners insurance declarations for your primary residence and any rental properties
  • Investment documents: Any current lease agreements for investment properties you already own, as well as official closing documents
  • Home inspection documents: Most of the time your mortgage lender will do an appraisal of the house. But it’s smart to pay for a home inspection yourself before you make an offer, so there are no surprises down the line
  • Personal documents: Bankruptcy, divorce, or separation papers, if applicable

 How long will it take to get my verified approval?

We know that time is of the essence. And we also know that you’re especially excited to start looking for your new Boston Seaport condo for sale. But, we don’t want you to fall in love with a Boston downtown condo that’s outside of your budget. Luckily, we are able to move the process along quickly. 

When you’re ready to find your new Boston condo for sale, we suggest checking out this Boston condo website.. You can set up alerts for your dream home based on your desires and requirements and we’ll alert you when you can get it for the best price. 

The Financial Finale 

One of the first step in the financial process when getting started with your search for a Boston Seaport condo is a pre-approval. Although you can always choose to use your own mortgage lender, we have solid partnerships with companies that are familiar with our process and whose mission is to improve access to home finance. 

Ready to get started? Before you can get your verified pre-approval from a provider, and give us a call to start your Boston condo sales journey, Please feel free to call/text me at 617-595-3712

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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