Just like the term’s name states, AIP/IPA is defined as a pre-approval with no binding force that is provided by the bank to the buyer of the property. It states how much the person can expect to borrow. Typically, the AIP/IPA is valid for the span of 30 days, depending on the affordability and credit report of the borrower. It is advised for you to know your AIP/IPA loan amount before you purchase a property.