The answer is … no. But that doesn’t mean a preapproval letter isn’t important. If you intend to make a serious offer on a home, a preapproval letter is required.
A preapproval letter demonstrates that a lender has preapproved you for a mortgage loan and has offered you an estimated amount of money to buy a home. It is not a verification of the assets you have to support the cost of the purchase.
Pro tip: Include your preapproval letter with your proof of funds letter to further demonstrate that you’re a serious buyer.