loan - Posted by thomas

Posted by Rob Blake on January 21, 2000 at 01:02:48:

Bank qualifying stinks! I know that my background. The rule is your investment in the purchase…10% down whatever, has to be either in your account or proved to be yours one way or the other. The usual way they prove this is 2 months bank statements, if its not there, you don’t qualify. However, all you really need to do is show you have the money, just not in the bank…maybe you have a IRA or 401K statement thats got 5k or a stock account, tax refund or even a car your going to sell. As long as you document the sale of the asset, you’re still in the game.

If you have none of the above, grab a relative that does and make him a partner, just to get the deal done.

Good Luck

loan - Posted by thomas

Posted by thomas on January 19, 2000 at 12:31:18:

I have an apartment building i want to buy. Everything was going fine unti the final stage when the bank said i need to see 5,000 in your bank account. Is there any way to get around this or are there any lenders that will lend me money. My credit is about 625 on the scoring system. thanks