We are often approached for a pre-approval letter in preparation for purchasing an investment property. With this being a non-owner-occupied property, we can not give you a pre-approval. These loans are not solely based on the individual purchasing the property but also on the property itself. What we would be able to get you is a “Proof of Funds“. Keep reading if you’d like to learn more about a “Proof of Funds”!
Where to start!
When you are ready to submit an offer on a property, your offer has a better chance of getting accepted if you submit a “Proof of Funds”. It shows you are ready to move forward and you want this property. Below I will put a photo example of the “Proof of Funds” document we can provide you but all in all, it is a document that says you are eligible to get the property funded provided all conditions are satisfied at final underwriting.
We can’t guarantee that you will get the property under contract but having a “Proof of Funds” will increase your chances of getting the property under contract, as it does present a stronger offer. This document will indicate funds are available for the subject property assuming all criteria are met. Therefore it is still a good idea to have a contingency on financing. We can promise you that we will work hard to find a lender who fits your needs.
Here is what you need to do:
- Find an investment property you want to invest in.
- Make sure your numbers (purchase price, rehab, after repair value, etc.) add up and make sense.
- Click this link to get a proof of funds!
- If/When your offer is accepted, call us right away and we will start moving forward with the funding process!
- Repeat.. Repeat.. Repeat………!
Please reach out to us with any questions you may have! Hope to work with you soon!
Thank you for reading!
-Legacy Frontline Team