In order for a lender's offering to appear on our list of programs that match a loan proposal, these following items must check out:
- Loan amount
- Property location
- Property type
- Use of funds (purchase, refinance)
- Loan positon
- Whether the loan will fund construction
- Whether additional collateral will be used
- Minimum credit score (if set my lender)
- Whether there will be secondary financing
If a program matches a proposal in respect to all the above it is a "close" match. In order for a program to be an "exact" match, it must be a close match and the following must be true:
- Preferred loan term must be available from program.
- Preferred amortization schedule must be available from program.
- Preferred interest rate type must be available from program.
- If borrower requires a stated income loan, program must allow it.
- Preferred prepayment penalty types must be available from program.
- If borrower will not accept personal recourse, program must not require it.
If you have questions, comments or suggestions about any of these items, please leave a comment below.