POF for first investment

11 Replies

Hello BP,

Im working on purchasing my first property. I've been analysing deal after deal that came through my funnel and I finally found an opportunity I feel is worthy of taking action on. 

The problem im currently facing is trying to submit an offer. Due to how good of a deal I'm looking at, it may not be available for long.

Im hoping by coming to BP I will be able to get in touch with someone who would be able to help me with proof of funds so I can move quick to lock this deal up under contract. If you can help or can give reliable references id be very appritiate.

Thank you and look forward to the feedback,

Austin 

Hey Austin,

POF are not always required. You should push back on those request.

What kind of property is that?

@Austin Kuritz Agree with Patrice above, POF is not always required to submit an offer, although it certainly can help in a competitive situation.

You didn't mention how you're going to finance the purchase, but if you're using a bank, they should be able to issue a pre-approval / pre-qualification letter pretty quickly.  You can even use an on-line site like Rocket Mortgage that can issue a general pre-qualification letter in minutes.

Good luck!

I'm trying to get conventional lending how ever im using a quote "gap lender" to come up with the down payment and banks won't pre approve me for using "gift" money. I talked with one lender and he said he will allow gift money from a family member so id have to get my gap lender to give the amount to one of my family members and they can gift me the money and i wont have to season it. This lender is moving pretty slow with my pre approval letter and the deal I'm looking at is so good it may not be available long. Is there a private/hard money lender you know that will help me get a POF quickly?

Originally posted by @Jason DiClemente :
@Austin Kuritz most lenders will issue a pre qualification letter or POF if you ask. Are you using conventional or private/hard money lending?
I'm working on obtaining a duplex and my agent is trying to negotiate with the seller of accepting my offer until he gets another offer he would like to accept in which id only have x number of days to get POF

Originally posted by @Patrice Penda :

Hey Austin,

POF are not always required. You should push back on those request.

What kind of property is that?

I tried Rocket mortgage and they we're being very rude and unprofessional. Being im a first time home buyer he was saying he'd never lend to me. Which cought me by surprise I have no marks on my credit, I been working the same job for 3 years clearing $36,000 a year. I don't have the money for the down payment season which I was unaware that id have to even do that being I never been through this process. I will not be using there business anytime in the future due to that experience. Hope no one else has to go through that situation.

Originally posted by @Tom S. :

@Austin Kuritz Agree with Patrice above, POF is not always required to submit an offer, although it certainly can help in a competitive situation.

You didn't mention how you're going to finance the purchase, but if you're using a bank, they should be able to issue a pre-approval / pre-qualification letter pretty quickly.  You can even use an on-line site like Rocket Mortgage that can issue a general pre-qualification letter in minutes.

Good luck!

I would be very careful with that strategy, you are technically lying to the mortgage about the source of your down payment, which can be considered fraud. But to answer your question, you should be able to habe your lender give you a pre-qualification letter to submit with your offer
(267) 520-0454
The person helping me with the down payment is a close family friend of mine and the lender im using is well aware of that. The lender told me to transfer the money from the family friend to a family member and he can lend to me then, however, he is taking a bit longer to pre approve me. That is why I came to bigger pockets..

Originally posted by @John Thedford :

Don't worry. Mortgage fraud is only a federal offense.

Originally posted by @Austin Kuritz :
I'm working on obtaining a duplex and my agent is trying to negotiate with the seller of accepting my offer until he gets another offer he would like to accept in which id only have x number of days to get POF

Originally posted by @Patrice Penda:

Hey Austin,

POF are not always required. You should push back on those request.

What kind of property is that?

 Fir that type of property, all you need is a pre-approval letter like mentioned above

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