I agree with Dan to the point that I believe the Blood of Christ is "applied" at repentance. The soul is saved then and there. However, this doesn't negate the need for, or the essentiality of, water baptism and being filled with the Holy Ghost (not necessarily in that order).
This "smoking gun" the brother is waving around proves, at least in my view, that sins are forgiven at repentance. How else would one be ready to recieve the Holy Ghost until after they are baptized, if, in fact, it is water baptism that remits sin?
Water baptism, (again, in my view) is the first step of obedience the newly converted believer takes in his or her walk with God. Water baptism is where the sinful life, that died at repentance, is buried to be resurrected the 3rd day (3rd step) through the inception of the Holy Ghost.
As the laver of water in the OT stood between the altar (where atonement is made) and the Holy Place (The Baptism of the Holy Ghost), water baptism stands between repentance, and recieving the Holy Ghost (resurrection). Again, not necessarily in that order. God gave Cornelius household because they were ready to receive Him. Like the birth of a child, its safer to be birthed in a hospital, but often, the baby doesn't always follow the "rules".
Look at the number 3 as it relates to salvation throughout the entire Bible. Everything is always in 3's. Consider: The Tabernacle. Altar, Laver, Holy Place= Repentance, Baptism, Holy Ghost. Remember when Jesus spoke about the unclean spirit going out of a man:
Mat 12:44 Then he saith, I will return into my house from whence I came out; and when he is come, he findeth [it] empty, swept, and garnished. EMPTY (Sins are gone- Dead= REPENTANCE. SWEPT ( Separated, removed, buried= BAPTISM, and GARNISHED (Decorated, filled =HOLY GHOST. The Passion of Christ: DEATH- BURIAL- RESURRECTION- Repentance, baptism , Holy Ghost. What did the Apostle John say?
1Jo 5:8 And there are three that bear witness in earth, the Spirit, and the water, and the blood: and these three agree in one. There it is - 3 in agreement: Spirit (Holy Ghost), Water (Water Baptism, Blood (Repentance). And of course,
Acts 2:38- all three gain.
I believe when a person repents they are ready to go (should they die without having the opportunity to be be baptized and recieve the HG). However, in order to continue his walk with God, he must submit to water baptism in Jesus' Name to separate himself from his past sinful life, and recieve the Holy Ghost (Acts2:4) for it is through and by the Holy Ghost that he is "endured with power from on high"
Death, (Blood), Burial (Baptism). Resurrection (Holy Ghost).
Some will put me on one side of the fence, and others will put me on the other side. But, think I'll just keep trying to tear that old fence down, by saying... well...I'll just let my Sig Line say it for me.....