How do I prequalify for money?
How do I find good lenders on this board?
My credit isnt great mid 600’s.
Mid 600’s is definitely good enough to qualify for good terms. Pre-approval means lender has pulle dyour credit, taken application, looked at supporting documentation (paystubs, bank statements- depends on loan program), and in some cases, run your scenario through the computer underwriting system (called Desktop Underwriter or Loan Prospector). The computer underwriter will give a yes or no depending on the loan guidelines.
If you are borderline, a savvy lender will submit you for “manual underwrite” which means that they carefully put together your entire scenario to present to an actual human underwriter who will then issue a pre-approval that is contingent to finding a property. This would be done before the pre-approval is issued by the lender in the case that you are on the edge of the loan guidelines and the computer might reject you based on the numbers.
Hope that helps
So how do I go about getting a pre qualification letter for wholesaling or is this even needed?
I plan to wholesale for sometime but understand that if I dont find a seller within a certain timeframe that I will have to come up with the monies own my own and become the reseller at a certain point.
Can I get prequalified for a certain amount for a certain amount of time and have that with me as I am searching for homes or do I have to have one done each time I find a home?
unfortunately these will be very vague answers. There is a handful of criteria that it takes to pre-qualfy a borrower. If you credit is where it needs to be you can go stated income stated assets or verified asstes depending on the lender. Going that route you make up the income to make the numbers fit. If you have assets you can verify and income its going to come down how much the property costs and if the dti numbers fit with in the income.
what about nonstated income loans?
non-stated you would have to verify the income and the assets depending if assets are required. Everything has to be on paper and verifiable. t really comes down to the details of your income. You best bet is to sit down with a broker and go over you exact situation.