Re: A+ credit, no job… loan prospects? - Posted by Dan B. (NY)
Posted by Dan B. (NY) on January 23, 2002 at 23:38:28:
I am a novice investor, but finally have something on this forum to speak about intelligently !! I, too have excellent credit (776), and am “self employed” (read dot.com downsized). I just got a prequal letter for 90% purchase price from a broker, who said I would have absolutely no problem getting a deal financed. She said she would need a letter from my accountant verifying I have been self employed for 2+ years, and reasonable reserves, including enough cash on hand for the projected closing costs (which I have). This was with .75 pts, and a rate of 7.75%, with a 60 day lock.
While a prequal letter is hardly a firm commitment, she told me she had a great program for these “low-doc” loans, and could back up this lender with several others, with similar deals. She ran my credit, put together closing cost estimates, and sent me the whole package.
The owner has yet to accept my offer (25% below asking and comps, but needs some work), but I believe I have the money waiting.