Financing in 20007>Question Details

Parkcrest, Home Buyer in 20007

what should a loan confirmation letter look like from a family company to an individual? we are entering the bidding process adn would like a letter

Asked by Parkcrest, 20007 Tue Oct 6, 2009

confirming the company is willing to grant us a loan. examples?

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Good morning Parkcrest, Your loan confirmation letter and its contents are going to be regulated in most cases. Most terms like pre approved, pre qualified, etc are now defined by statute in most localities. Make sure the lender you choose is licensed in your area, and their letter should be, at least legally speaking, correct.
Our letters always explain the parameters of the loan, the type of loan, and the amount (if any) of closing costs the seller is expected to pay, as well as cover items that will be needed to complete the loan, such as an acceptable appraisal and clear title work. I hope this helps you! Jim
0 votes Thank Flag Link Sat Oct 17, 2009
U need to take the advise of a good loan officer.
The letter should stae funds has been setaside for this purpose and committed to this transaction.
They need to have proof of funds, preferably in an escrow account.
Ramesh Chandra
703 635 8209
mepcigroup@gmail.com
0 votes Thank Flag Link Tue Oct 6, 2009
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