Every buyer gets excited about preapproval then underwriting sends a list of conditions. Conditions are not problems. They’re steps the lender requires before issuing Clear to Close. In NYC, where buyers often have multiple income sources, unions, coops or large deposits, conditions lists can be longer than expected.

Here’s what conditions really mean.

What Conditions Usually Include

• Updated pay stubs and bank statements

• Employment verification

• Letters of explanation for deposits

• Proof of assets used for closing

• Condo or coop documents for review

• Title and homeowners insurance details

• Verification of gift funds if applicable

• Appraisal or appraisal waiver documentation

These conditions help the underwriter confirm the file matches agency guidelines.

Why NYC Buyers Get More Conditions

NYC files are complex.

• Buyers often have multiple jobs or overtime structures.

• Cooperatives require review of financials and board packages.

• High down payments trigger sourcing questions.

• Union income or shift differentials require documentation.

Conditions are normal - but in NYC, they can slow the timeline.

How to Prevent Delays

• Respond within twenty four hours.

• Avoid large deposits without documentation.

• Keep employment stable.

• Prepare asset statements early.

• Work closely with your loan officer and attorney.

Conditions aren’t obstacles. They’re checkpoints.

—

Joseph Ranola | Five-Star Staten Island & South Brooklyn Realtor® (30 + Google reviews)
Associate Broker · Matias Real Estate | Founder · Bridge & Boro Team
Serving 103xx and 11209 / 11214 / 11228 | $25 M + closed volume
📞 917-716-1496 | ranolarealestate.com