Question for Loan agent or anyone that lends money - Posted by Erik

Posted by Erik on May 21, 2004 at 10:53:04:

If I want to qualify a buyer myself, what information should I be collecting and what type of things should I be looking at besides Credit report. Is there a form that someone is willing to share or point to. Also is there a formula that is used to determine their debt ration to make sure they are not to far gone and that I don’t get temporarliy stuck with a house.

My plan is to find sellers that can’t qualify for a loan or don’t have a huge downpayment, purchase the house for them and then Lease Option it back to them. And then help them qualify for a regular loan by getting their credit into shape.

So I guess I have several questions in this post. Any feedback on any of these items is very much appreciated.

BTW - any recommendations for REI clubs in southern Colorado. I see 3 on the list and I was curious if there are any investors in the Tri-Lakes area near Colorado Springs.