Financing & pre-approval
Proof of funds or jumbo pre-approval before you offer.
Luxury sellers expect strong financing documentation early.
In South Florida luxury markets, proof of funds or a strong pre-approval letter is your passport to private showings. Sellers and listing agents screen buyers before granting access — especially above conforming loan limits. Start financing conversations early so nothing surprises you after you find the one.
Pre-approval vs pre-qualification
Pre-qualification is a rough estimate; pre-approval means a lender verified income, assets, and credit and issued a conditional commitment. For jumbo loans, expect deeper documentation — two years of tax returns, full bank statements, and proof of reserves held after closing.
Cash, conventional, and jumbo paths
Cash offers win on speed but tie up capital. Conventional loans work below the conforming limit; most Palm Beach and Boca luxury purchases require jumbo or portfolio products with 20%+ down and six to twenty-four months of liquid reserves. Read our Financing and Are you approved? articles for detail.
International and entity buyers
Foreign nationals and entity-owned purchases follow different lender paths — often larger down payments and U.S. counsel review. See Foreign Buyers if you are purchasing from abroad or through an LLC or trust.
Protect your approval
Do not open new credit, change jobs, or move large sums without telling your lender during the contract period. Re-verification before clear-to-close is standard. A new car payment can disqualify a jumbo loan overnight.
Pre-approval checklist
- Credit reports reviewed and errors corrected
- Two years tax returns and recent statements gathered
- Down payment and reserve sources documented
- Two lender quotes compared
- Pre-approval or proof-of-funds letter obtained
- Gift letter rules confirmed if using gift funds
Typically 60–90 days. Refresh if you pause search or rates shift materially.
Yes — compare rate, fees, and jumbo experience. Start early so switching does not delay closing.
Not required, but jumbo specialists who close South Florida luxury deals weekly reduce friction.