New to this

[Firstbase]

Hello everybody. My name is Jermaine from Philadelphia. I haven't really got the hang of getting around on this site but of what I have seen you can be sure that I'm here for good. I had just formed a llc for the purpose of Investing in Real Estate. I located an agent and we are in the process of looking for properties for rehab projects. We came across a few but one problem..........

What I want to do is get pre-approval letters to submit with my offers.
I haven't been able to do this due to lenders not taking me serious without a signed contract and the sellers don't take me serious without a prapproval letter. (Catch 22.) I know there's a simple answer to this but I need a little help with this.

[SlumLordMike]

If you are a real player with solid credentials, any banker with sound mind will give you a letter. My advice.....change banks.

[Dan Auito]

Pretty straight forward step here 1st baser.

Gather up the last
2 years of tax returns
3 months of pay stubs
3 months of bank statements
all current credit card, loans and revolving debt obligations
Child support/alimony judgements etc...

Then fill out an U.R.L.A. Uniform residential loan application (assets and liabilities worksheet) and submit all this to atleast two different lenders to see what you would qualify for in the form of pre-approval.

Surf around and reel in the fruit of your labors grasshopper.

Financial
www.nfns.com (http://www.nfns.com/) (your states mortgage rates & news)
www.myFICO.com (http://www.myfico.com/) (get your credit score)
www.annualcreditreport.com/cra/index.jsp (http://www.annualcreditreport.com/cra/index.jsp) (new law mandatory free reports)
www.icreditcentral.com (http://www.icreditcentral.com/) (bad credit, no credit! go here)
www.creditforum.org/ (http://www.creditforum.org/) Ask the pro’s
www.compareloans.com (http://www.compareloans.com/) (Charles allows you to compare loans)
www.experian.com (http://www.experian.com/) 888-397-3742
www.tuc.com (http://www.tuc.com/) 800-888-4213
www.equifax.com (http://www.equifax.com/) 800-685-1111
www.creditboards.com (http://www.creditboards.com/) (Fix what you find)
www.bankrate.com (http://www.bankrate.com/) (today’s rates and more)
www.bankrate.com/brm/mortgage-calculator.asp (http://www.bankrate.com/brm/mortgage-calculator.asp) (calculator)
www.interest.com (http://www.interest.com/) (mortgage trends)
www.mbaa.org (http://www.mbaa.org/) (solid mortgage news and resources)
www.eloan.com (http://www.eloan.com/) (financial/loans)
www.lendingleaders.com (http://www.lendingleaders.com/) (finance)
www.honestmortgage.net (http://www.honestmortgage.net/) (good definitions)
www.mortgagequotes.com (http://www.mortgagequotes.com/) “
www.quickenmortgage.com (http://www.quickenmortgage.com/) “
www.mortgage-referral.com (http://www.mortgage-referral.com/) “
www.lendingleaders.com (http://www.lendingleaders.com/) “
www.mainstfinancial.net/Loan%20Programs.htm (http://www.mainstfinancial.net/Loan%20Programs.htm) (100%cashout, non-owner occ)
www.interest.com/discussion/ (http://www.interest.com/discussion/) (mortgage discussion)
www.mastermindforum.com/resources/1003app.pdf (http://www.mastermindforum.com/resources/1003app.pdf) (print out and fill loan app out)
www.brookviewfinancial.com (http://www.brookviewfinancial.com/) (rehab lenders)
www.access-100.com (http://www.access-100.com/) (more rehab funding)
www.mtgprofessor.com/calculators.htm (http://www.mtgprofessor.com/calculators.htm) (calculator heaven)
http://www.mortgage-investments.com...s/downloads.htm (http://www.mortgage-investments.com/Real_estate_and_mortgage_downloads/downloads.htm)
www.decisionaide.com (http://www.decisionaide.com/) (32 different calculators)
www.cybernetmortgage.com (http://www.cybernetmortgage.com/) (calculators/loans - Texas)
www.mortgage101.com (http://www.mortgage101.com/) (calculators and more)
www.algebrahelp.com/calculators/index.htm (http://www.algebrahelp.com/calculators/index.htm) (higher math)
www.homefair.com (http://www.homefair.com/) (calculators & relocation info)
www.homebuyingguide.com/default.asp (http://www.homebuyingguide.com/default.asp) (4free finance books) PDF
www.homewarrantyexperts.com (http://www.homewarrantyexperts.com/) (find a good warranty co.)
www.orhp.com (http://www.orhp.com/) (home warranties)
www.homeloans.va.gov (http://www.homeloans.va.gov/) (military forms resource)
www.alta.org/consumer/hud1.cfm (http://www.alta.org/consumer/hud1.cfm) (hud-1 settlement statement)
www.notary-services.com/scclist.html (http://www.notary-services.com/scclist.html) (Find a local notary)
www.corporate.com/index.jsp (http://www.corporate.com/index.jsp) (incorporate yourself)
www.housingfinance.com/ahf/ (http://www.housingfinance.com/ahf/) (Affordable Housing Finance)

[Aldo]

First let me say, "Welcome to the Family".

Next let me say "Drat!" SlumLordMike took the words right out of my keyboard. The only thing I could add to that is........well, nothing.

[Firstbase]

First of all thank you for the info. and thank you for the welcome.

Well I did take SlumlordMikes' advice and did a whole lot more of shopping around for lenders and Dan let me tell you no two are alike, this I'm quite sure you know very well. However since I was looking for rehab funding I had to narrow my search to lenders who have those type of programs. Well I came across a couple of good guys at Countrywide Home loans and things are definitely moving in the right direction. I'm utilizing Two loan programs one of which is the F.H.A. 203(k) loan for a home I came across that I pretty much liked for myself, the second is an investor loan for a 3 unit.
Anyone who reads this that is about to look for financing or having trouble getting it, follow Dan's advice and get your personal papers together. Even go as far as to find out what lenders look for in certain documents.Then shop around for lenders. One thing I did though was get a copy of my credit report and score and faxed it to lenders I felt comfortable with. You don't want everybody walking through your reports, they'll leave ugly footprints.
Thanks again guys :praise:

[brianb_cobbres]

Hello everybody. My name is Jermaine from Philadelphia. I haven't really got the hang of getting around on this site but of what I have seen you can be sure that I'm here for good. I had just formed a llc for the purpose of Investing in Real Estate. I located an agent and we are in the process of looking for properties for rehab projects. We came across a few but one problem..........

What I want to do is get pre-approval letters to submit with my offers.
I haven't been able to do this due to lenders not taking me serious without a signed contract and the sellers don't take me serious without a prapproval letter. (Catch 22.) I know there's a simple answer to this but I need a little help with this.


Change banks. Every lender I have spoken to was more than willing to provide a generic pre-approval letter based on a credit check and some minor documentation. That is enough to go with your offers. Once I have a signed contract I sent them the specifics and the updated the letter to that specific deal.

They can put a final approval clause on the pre-approval letter as an out should you make a bad deal.

[brianb_cobbres]

First of all thank you for the info. and thank you for the welcome.

Well I did take SlumlordMikes' advice and did a whole lot more of shopping around for lenders and Dan let me tell you no two are alike, this I'm quite sure you know very well. However since I was looking for rehab funding I had to narrow my search to lenders who have those type of programs. Well I came across a couple of good guys at Countrywide Home loans and things are definitely moving in the right direction. I'm utilizing Two loan programs one of which is the F.H.A. 203(k) loan for a home I came across that I pretty much liked for myself, the second is an investor loan for a 3 unit.
Anyone who reads this that is about to look for financing or having trouble getting it, follow Dan's advice and get your personal papers together. Even go as far as to find out what lenders look for in certain documents.Then shop around for lenders. One thing I did though was get a copy of my credit report and score and faxed it to lenders I felt comfortable with. You don't want everybody walking through your reports, they'll leave ugly footprints.
Thanks again guys :praise:


I guess I should read the entire thread. Glad it worked out for you.