Here's What You Will Need...
Easier than you think! No income documentaion required (Income Documentation is Optional for a lower rate.)
#1) Collateral
The property you're purchasing provides the collateral for the loan. To protect your investment, an appraisal will be ordered through a licensed Appraisal Management Company.
*There must be at least three comparable properties that support the purchase price.
#2) Assets
You will need liquid assets (money in the bank) for the down payment and closing costs.
- Assets must be documented for a period of at least 60 days.
- An amount sufficient to close must be seasoned in a U.S. depository institution for 30 days prior to closing.
#3) Credit
Three open trade lines each with a 24 month history reflecting no late payments is required.
*You may use Letters of Reference from verifiable financial institutions to establish 3 open accounts and an acceptable credit reputation.
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