I'm an investor that uses proof of funds letter however I actually have the funds so I'm confused when people say that's using fake money??? Any opinions?????
Gurus sell "Proof of Funds" letters all day long for $1. It is how they pitch their no money down programs to uneducated investors. It is best to never use them at all.
@richard d but in the case like with me who I actually have the funds from my company not just a letter typed up why would you suggest I know use them? Just wondering people make them seem so bad and yes if they are just using letters typed up and really don't have the funds that's bad however in my case never had The problem and never had any problems using them cause I'm purchasing properties with no problems.
@cassandra. If i unerstad corectly what you need is just a letter from your bank showing that the $ is there.
For a POF, a copy of an actual bank statement is preferred, a letter from a Real bank is also acceptable.
I know that HUD accepted my proof of funds letter from my local bank. It simply stated that I had $xx,xxx available to close on 123 main st. It was signed by the loan administrator. This is helpful for me because I did not have the full amount in one account some was personal cash and the rest was a HELOC with the same bank. If I had to put all the money in one account I would have to pay Interest on the HELOC fund while going through the contract period.
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