How can I attain a POF letter

Question

I am looking for a way to get a POF letter that I can use to help put on market deals under contract.. is there a way I can pay private lenders or hard money lenders for a POF letter?? Can someone please help me with this you would be a life saver!

Chris Mason · Answer

Login to your bank where you have the funds and click around a bit. If you can't find it, call that bank and ask their tech support.

I am not attempting to imply anything about the question you asked or how you worded it, but just for funsies I went to google and typed in "Define fraud." This is what came up:

Eric Johnson · Answer

@Jason Capers just get pre approved with a hard money lender and they will give you a letter. You still have to go through the process, but that’s legit. They’ll mention your purchasing power. Never pay anyone to give you a POF letter, essentially is borderline fraudulent because you can have a 490 FICO and say you’re approved. This is intentionally misleading all parties to the transaction. Good luck

Anthony Dadlani · Answer

Agree with everyone above.  Should never be paying for this. Your lender should provide you with it.  We provide all our JV partners with a monthly updated proof of funds to go out and make offers.

Best of luck in all your endeavors.

Cameron Rockwell · Answer

Hey @Jason Capers

You shouldn't have a problem getting a proof of funds letter from a hard Money lender. That is usually where the HML is first introduced and it is totally legal to use a proof of funds letter from them as long as you are giving them a first lien position on the property. If you are not actually intending to use a hard money or private money lender/are not actually obtaining funds from them I would not recommend this. Hope this helps.

How can I attain a POF letter

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