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Does a hard money lender require a credit check or income verification?
Wiki User
∙ 14y ago
johni:No.the loan is based on the lendees assets.
Wiki User
∙ 14y ago
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How can I get pre-approved with an FHA lender?
You will first need to choose a lender to use and contact them. Each lender is different but they all follow the same guidelines set out by FHA. Each individual bank that offers FHA loans will have their own criteria for pre-approval. Common elements will be income verification, monthly debt verification, employment verification, and credit history.
What personal information is required of a cosigner for a car loan?
Name address, credit history, outstanding debts, income verification, etc. A co-signer needs to supply as much information as the primary borrower since the lender wants to make certain the loan will be repaid.Name address, credit history, outstanding debts, income verification, etc. A co-signer needs to supply as much information as the primary borrower since the lender wants to make certain the loan will be repaid.Name address, credit history, outstanding debts, income verification, etc. A co-signer needs to supply as much information as the primary borrower since the lender wants to make certain the loan will be repaid.Name address, credit history, outstanding debts, income verification, etc. A co-signer needs to supply as much information as the primary borrower since the lender wants to make certain the loan will be repaid.
Can you buy a house with pension income?
Yes, as long as you can provide verification to your lender that it will continue for at least 3 years.
Can you take out a home equity line of credit when there is a lien on your home?
The lender will require that the lien be paid off.
Can a person who is disabled be put on a mortgage?
Yes, depending on their credit record and income and whether those meet the requirements of the lender.
How can a lender judge your capacity?
A lender can judge your capacity by assessing your income, employment stability, debt-to-income ratio, and overall financial situation. They may also consider your credit score and history of managing debt. This information helps the lender determine if you have the ability to repay the loan.
How does a lender use a credit card?
A lender can use a credit card in various different ways. They lender can issue the credit card and make money from the interest. The lender can also take credit card payments from the borrower.
Auto Loans No Credit and Creative Approaches?
A person's quality of life is severely affected by their credit. Credit is established when a person borrows money for a purchase and pays on the debt. Those who have not bought anything on credit can have a difficult time getting a lender to give them a chance. It is possible to get auto loans with no credit; however, the consumer will need to show the lender that they have the ability to pay the loan back. Lenders will look at monthly income from work, and other non-work income sources. In addition, they will look at your monthly expenses to determine what type of auto loan to grant. Auto loans with no credit often require being persistent in seeking financing. There are lenders that will give you a chance.
What is a "preapproval" ?
When a borrower has a lender check their credit and verify their income, thus providing assurances that they would be able to get a loan up to a certain amount.
Can a cosigner purchase a new vehicle even though he has co-signed?
Yes. A cosigner can purchase as many vehicles as a lender well allow. Of course it depends on your income and credit rating as to whether or not the lenders will extend you any more credit. The loan you cosigned for is on your credit and will be taken into consideration when the lender looks at your credit to determine your elligability for a car loan.
When applying for a mortgage how much credit towards your income do you get for rental income?
Some lenders used to give you credit for 75% of your rental income to show as income on your application. The secondary market has been getting more stringent in the past year with giving credit for income. The lender/underwriter will need to see your complete federal tax return and analyze Schedule E on your rental properties to determine the amount of income actually derived from the rental properties.
Can you use your spouse's income as a second income without using your spouse's credit?
If a spouse is applying as a single account holder but using both spouse's income, the incomes will be verified. Whether each credit history will be checked is at the discretion of the lender,in most cases it will be. What effect this may have on the financial transaction is uncertain.
