Posted by DT on September 24, 2003 at 16:08:06:
Thanx
DT
Prequalification Letter - Posted by DT (Northern CA)
Posted by DT (Northern CA) on September 24, 2003 at 14:49:31:
How do I go about obtaining a prequalification letter with no money per se and overextended credit?
DT
Re: Prequalification Letter - Posted by Randy
Posted by Randy on September 24, 2003 at 15:01:09:
If you feel you can?t qualify for traditional financing look for private sources (note buyers) or Hard Money Lenders. There are many secondary sources that do not have the stringent qualifications of traditional mortgage sources.
Re: Prequalification Letter - Posted by DT
Posted by DT on September 24, 2003 at 15:43:34:
What is the difference between a hml and bank?
Thanx
DT
Re: Prequalification Letter - Posted by Randy
Posted by Randy on September 24, 2003 at 16:00:54:
A HML or Hard Money Lender is less concerned about the buyer?s credit, they typically loan 65% Loan to Value meaning the property appraises at $100k they will loan $65k. Many HML DO require some credit C-D credit scores (for the benefit of those who will disagree, I know?I know yours doesn?t but many do). Whereas a Bank or mortgage company requires good credit, low debt to income levels one to two years on the job yada-yada-yada.