Credit Pre Approval: How to Get Financing in Today’s Market
How do you get financing in today’s real estate market. We are working on an exclusive program with a few potential buyers where we will help you try to do that. We can’t work with everyone, so if interested please let me know right away ron@minnesotainvestors.com Here is how it will work. FHA financing was as little as 7% of all loans in the United States before this past year. Well now they have replaced much of the subprime lenders, but the best part is they offer better interest rates. I have heard of 6.5% interest rates in some cases. From what I’ve heard we are talking about not being credit score driven. A minimum of 3 years since your last foreclosure. 2 years since your last bankruptcy, and 2 years at the same type of job. FHA currently has a program where 100% financing is possible with down payment assistance and rolling in the closing costs.
If you have had less than 2 or 3 years for any of those items, there is a chance we can go to a non conforming conventional lender, so please contact me anyways with your situation. Back to FHA. We have to get you still to be within their guidelines, but they are clearly allowing close to 100 lower point credit score than many of the A-paper lenders out there these days, plus offering very competitive interest rates.
What do you need to get financing?
Here is a sample of some of the paperwork you should put together and collect before you meet with your loan officer.
2 years personal tax returns, 2 years of business tax returns, business P&L Profit and loss statements, 1 full month of pay stubs, 2 years of W-2′s, 2 months most recent bank statements checking and savings, all pages on the print out. Most recent quarterly statement for retirement account. IRA, 401K, Mutual funds, stocks, etc. Certified copy of divorce decree. Bankruptcy papers filing and discharge. Home owners insurance info. Mortgage statements for all loans and properties owned. Lease agreements on any properties. Property tax statements for all properties. Copy of driver’s license or state ID. You may need additional items.
Let the loan officer pull your credit report and get a credit score and after reviewing much of your situation let you know what you are approved for. This is a great first step before getting started and looking at homes. Please do this right away, the reason is if you credit score is low, let’s say below 600+, we’d like to help you get on the path of credit repair to increase it to 600, please contact me ron@minnesotainvestors.com so that we can help you with that. It could take 30, 60, 90, 120 days easily to get this done. $500-1200 for full credit repair help, trust me, it’s worth it, the amount of money you will save in ever facet of your life will be thousands.
Please contact me ron@minnesotainvestors.com and we’ll help you find a property and with the loan process.
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