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elcome to Frequently Asked Questions. This is the most transparent, up to date, valuable, resource for our clients. Everything you need to know is below. Please take some time to review. We have organized questions into categories to help you navigate your questions as fast a possible.
Every Question and everything you need to know about our Lending Program, Fees, Buyer qualification and everything else is included in our FAQ. We are frequently asked when do I need to have contact with our office. We don't need to talk in person until you have a property under contract. You can get everything in a much faster manner by going through the details below. Due to fast time constraints in getting loans funded, we are very busy with applications that are under contract. When you have a property under contact you can submit your application by going to Apply for Loan.
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In fact if you have a question that is not answered on the web site simply complete the form below and we will not only answer your question but we will mail you a $100 Wal-Mart Rebate Card as our way of saying thanks. So take a few minutes and go over the details below.
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Click on Any Question and the Answer will appear. Also you can search by keyword below for your specific Question.
We only fund investors. If you are a homeowner looking for financing we cannot help you! |
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You will need to provide bank statements if you are putting money down. If you are not required to put money down no bank statements are required.
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No. We lend to experience investors and non experienced investors alike.
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No cash reserves required.
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We will lend if your Bankruptcy has been discharged. We do like to see 1 year history after the bankruptcy has been discharged.
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We will not lend to anyone that is in an active Bankruptcy.
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We take a close look at what the collections are for. If you have collections to a convenience store we are not going to be excited about doing a loan to you. However if you have medical collections we are going to look differently. Collections are at our discretion but we are very lenient and want to work with you as the real estate investor to make a deal happen.
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If you have an unpaid judgment we cannot fund you. If you have paid a judgment but it is still showing as unpaid if you provide evidence it has been paid that we can verify we would be happy to work with you.
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We do not provide funding for the closing costs or the rehab costs. Those are the responsibility of the client/borrower. If you are purchasing the property right we will fund 100% of the purchase price and then add our points on top of that. On our program we do not require any payments during the initial term which enables you as the real estate investor to use money that normally would go for payments to be used for the rehab costs. Hope that answers your question a little better.
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Our clients do a variety of things. Some of them have saved the money so they can pay to do the rehabs. Other investors work with their vendors to take payment when the property sales. Some get net 90 day terms from contractor and carpet guys. Some get lines of credit with their local bank or credit unions. Others get a home depot or a Lowes credit card. And others may work with a friend or a family member to put some capital up. There are a variety of ways to get the repair funds for a property.
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No. We don’t make exceptions to anything. If we are going to make a change we change it for everyone and we update it on our web site.
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We can cover your Doc Prep, Processing fee and your hazard insurance in some situation IF there is enough value in the property. Meaning if you are buying the property for less than what we are able to lend then we can cover the extra costs. We can NOT cover the title fees. You will be responsible for covering your own title fees. These title fees are not very expensive and they vary state to state and title company to title company. You will want to get these fees directly from your title company. How will you know if we can cover the Doc Prep, Processing fee and Hazard Insurance? Go to the Instant deal evaluator and if you are buying the property for less than what we can lend then we most likely will be able to cover these costs. We will know the exact costs once we get the evaluations back.
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We do not have a minimum loan amount. You can view our terms and fees in our Residential Loan Fees section. We keep this up to date so as to make sure we are consistent at all times.
To get an idea how much we will lend please visit our loan calculator.
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To get an idea how much we will lend please visit our loan calculator.
Our maximum loan amount is $250,000 per property. We only lend on single-family homes. Our loans are based on the Adjusted After Repaired – Loan to Value established by independent third party Evaluators viewing the property.
Once you have a property under contract then complete in full the online application which includes an electronic signature and date. You will need to email a copy of the fully executed purchase contract. Upon receipt we will charge your credit card to cover the evaluation fee from the independent 3rd party company we use on a nationwide basis to do the evaluations. The evaluation is then completed along with a reconciled final value. You will notice on the checklist what items you will be responsible to obtain and forward to us as part of the file.
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No. We don’t make exceptions to anything. If we are going to make a change we change it for everyone and we update it on our web site.
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We do not have a specific number that we provide as we determine this on a case by case basis. It usually depends on the size of the loan amounts to identify how many loans we will allow out at one time for the borrower.
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