APPLYING FOR A FIX AND FLIP LOAN
Applying for fix and flip financing could not be any easier. This is one of the main attractive features as well as speed. Simply download the fix and flip loan application at the link below, in addition to a 1003 loan application. If the forms are complete you normally will have some sort of preliminary answer within 48 hours. These programs are geared to close within 10-14 days and part of that is contingent on the completeness and accuracy of the forms.
Of great importance is knowing what your credit score is. Even though you may have a high credit score, that is not a guarantee a borrower will not be approved. Make sure you pull a credit report that shows all three credit scores. If you have poor credit, you might want to consider using a credit repair company, such as Lexington Law. Many times issues can be resolved in short order or your credit score can go up in a short period of time.
Also make sure that the information you enter into the 1003 application matches with your credit report, i.e. credit card balances, monthly payment and mortgage information on any properties you may own. Any inaccurate information or discrepancies will delay an approval.
Below are the normal forms you will need to submit:
Additional information / documents you will need: (Varies by lender)
- Proof of equity (Documentation varies by lender)
- 1-2 Years Personal Tax Returns (Some lenders do not require)
- Purchase / Sale Agreement
- Corporate / LLC Documents (Most lenders require to close in corporate name)
- Identification (Drivers license / social security card, etc.)
- Closing Attorney Contact
- Verification Of Insurance