{"id":441,"date":"2012-02-17T14:03:40","date_gmt":"2012-02-17T21:03:40","guid":{"rendered":"http:\/\/privatemoneysource.com\/broker-blog\/?p=441"},"modified":"2012-02-17T14:03:40","modified_gmt":"2012-02-17T21:03:40","slug":"to-pre-approve-or-not-to-pre-approve","status":"publish","type":"post","link":"https:\/\/privatemoneysource.com\/broker-blog\/?p=441","title":{"rendered":"To Pre-Approve or Not to Pre-Approve"},"content":{"rendered":"

Clay Sparkman<\/em>
\n<\/strong>
\nWe\u2019ve been getting a lot of requests for pre-approval letters lately. Many of our loan requests are for rehab loans, and it can be difficult to submit offers without an approval or proof of funds letter. Unfortunately most of our clients don\u2019t have an extra 200K sitting around for the proof of funds, and many lending institutions won\u2019t take a loan request seriously without a purchase agreement. In this market, a pre-approval letter can be a useful tool in taking that first step of getting an offer accepted, but it\u2019s important to understand what that pre-approval means.
\nOur pre-approval process is an initial screening of the borrower\u2019s income, net worth, credit, and experience. As an equity lender, this is only a portion of the information that we\u2019ll need to underwrite a loan, but it is something we can look at before a specific property is secured to start the process. This pre-approval process puts the potential borrower in our system, speeds up the initial approval of the property, and allows the borrower to submit minimal information directly to a loan officer. Please keep in mind that the pre-approval letter is a useful tool, but our decision to pursue a particular loan is ultimately dependant on the property itself.
\nIf you’d like to be considered for pre-approval, please submit the following:<\/p>\n

    \n
  1. a copy of this request<\/li>\n
  2. a completed and signed 1003 and the following signed disclosure forms. The 1003 and other forms can be downloaded at http:\/\/www.privatemoneysource.com\/resources.php\n
      \n
    1. privacy notice<\/li>\n
    2. credit report authorization form<\/li>\n
    3. patriot act information disclosure<\/li>\n
    4. military service disclosure<\/li>\n<\/ol>\n<\/li>\n
    5. a copy of your current credit report. If you do not have a credit report we can pull one for you.<\/li>\n
    6. a resume or description of your relevant background and experience.<\/li>\n
    7. a description of your property investment plans for the upcoming year<\/li>\n
    8. a one-time fee of $150 to cover our pre-approval costs.<\/li>\n<\/ol>\n

      Please mail this to:
      \n16055 SW Walker Rd #247, Beaverton, OR 97006, ATTN: Clay
      \nIf you would like to discuss private money loans further or run a particular scenario by us, please e-mail him at clay@privatemoneysource.com. Otherwise, if you would like to get a better feel for our company and the types of programs we do, please browse our web site at http:\/\/www.privatemoneysource.com<\/a>.
      \n\u2013 Clay (clay@privatemoneysource.com, 503-476-2909)
      \nClay is Vice President of Fairfield Financial, a primary source for private money since 1964.\u00a0 Fairfield is currently targeting loans in OR, WA, AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX.\u00a0 To submit a loan to Fairfield for consideration: <\/em>      http:\/\/www.privatemoneysource.com\/loanproposal.php<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

      Clay Sparkman We\u2019ve been getting a lot of requests for pre-approval letters lately. Many of our loan requests are for rehab loans, and it can be difficult to submit offers without an approval or proof of funds letter. Unfortunately most of our clients don\u2019t have an extra 200K sitting around for the proof of funds, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[8,22],"tags":[42,43,46,54,55,58,61],"_links":{"self":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/441"}],"collection":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=441"}],"version-history":[{"count":0,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/441\/revisions"}],"wp:attachment":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}