This is exactly what's going on.Ask them to send proof of funds or pre-approval letter first.

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A lot of properties don't enough spread to even meet that minimum, so it just ends up being the new assessment ratio.It's actually really easy to fill out the application and submit, but they will not respond and tell you whether or not it's been approved.

I work with a great lender team that can get you an initial ‘Pre Approval’ or letter of intent. 

Avon, CT is a hot market, with multiple offers being received the weekend of the open house, which is scheduled one week after listing.My offer of $725,000 was $20,000 lower than the highest bid, but was accepted without counter because it was not contingent on financing, while the highest offer at $745,000, while the buyer had pre approval financing, was subject to financing.

The ones that do ask you for a budget will scrutinize your planning and make sure they agree with your numbers prior to issuing a loan approval.   

I reached out to them and became pre-approved for a certain amount.

Sure, you can get a conditional approval very easily, but satisfying all the conditions the lender and/or investor has required often can be difficult if not impossible.

Hi Matt, From what I can understand the process can take between 8-10 weeks for approval and is only needed if you will be renting the property for more than 90 days a year. 

Nonetheless, the State Bond Commission approved the funding extension.