Where To Get A Per Qualification Letter
hell-o does anyone out there know how the best way to get a pre qualification letter for proof of funds, the only thing stopping me from going all out is that letter as I understand most all offers I make will need to have a letter along with the offer, I don't have very good credit so I can't go to a conventional lender and can't seem to find any hml's. I live in the Bakersfield, Ca area if anyone out there could help me I would be very grateful..[ Edited by mtenton1 on Date 09/01/2003 ]
Any lender can supply you with one. Just call your local bank or mortgage broker and request to be pre-qulaified.
Good Luck!
Yeah. You have to get pre-qualified first. Then, you can get a letter. If you have bad credit, it's going to be harder to get. Check out the 'lenders' section of this site.
If you cannot get financing conventionally, then it may be time to look at 'creative' financing. Check out the subject to (or sub2) sections here. Robert G Allen and John Locke have both inspired me as well as Carlton Sheets and Robert Kiyosaki. Some of their stuff is for sale. Some of it is available through your local library.
Good luck
Ronnie Mussetter
You will need to work with a broker that does subprime loans.
Before you go in you may want to pull your own credit file. http://www.myfico.com
Then look it over for any errors. If you find any check the credit repair section on this site. Lots of free great advice. Even getting a few items off will improve your score.
BTW: I think that Bakersfeild is a good market.
Bakersfield is really a great market. I had to go up to collect my daughters car that pooped out so while there I looked around an awful lot of upper middle class construction small tracts and clusters. I checked the statistics it is rolling. Stay there and operate. In relationship to most of California it looks hot and appears to be on the whippy tail of the present real estate market. As you know Refinance has slid about 40% in the last few weeks as interest starts up. The sales figures are of course delayed but if you check escrow openings and title order volume you will see that it is reduced about 18% last three weeks. This is indication of a beginning and thus all of us must once again adjust our short and long term goals. Having been doing this for over 50 years. I am adjusted and consider it part of normalcy,but you who are about to experience it first time, don't sweat. By your presence in this group you have taken the right step. What you do is stay open to new ideas and examine all of the old ones as they become once more applicable. Who knows the hay day of foreclosure sale buying might come back. Then a very old style method is once more applicable. Short term 90 day bank borrowing against property rental collections assigned to the bank etc. etc.
yes cycles up and down. You must perfect your ability to function in either market. As Kid Yellow Gloves said to me 70 years ago. Ya Gotta Ride da Market. But you always make money. Cheers Lucius