Like all other house buying or building adventure, the MiM process starts with qualifying. It is important to make sure you have the financing you need to complete your project. MiM offers multiple financing options for our client’s convenience, so please make sure to discuss those options with your Account Executives.If you are paying with cash, hard money funds, or an unsecured line of credit, appropriate proof of funds to close will be required, based on the method of payment.
If you are looking to secure financing through a more traditional loan or mortgage product, the first step for you is to pull a triple credit report from here One Time 3B Report. When you purchase this product for $60, you will get seven scores from three reporting agencies.
The first scores you see on the site Dashboard are FICO 8 scores. FICO 8 scoring models are NOT used in mortgage lending. We do not know of any lenders that use FICO 8 scores, so do not send this score.
To locate the needed score number, look under the “Scores” tab. You can click on each bureau, and scroll down to the second score. These scores are labelled “Commonly Used in Mortgage Lending.” They are FICO 2 for Experian, FICO 5 for Equifax, and FICO 4 for TransUnion. Please forward these three scores (1 from each bureau) as soon as possible to begin the qualification process.
You must do this personally, we cannot do it for you. We cannot proceed forward in the qualification process until we have this needed information.
Along with those important numbers we will also need the following bits of information to move to the next step: 1) What is your approximate debt to income ratio – ie: how much debt are you carrying, and how much income will you be showing? 2) What kind of down payment are you planning on making on your project? 3) What cash reserves do you have for the lenders to consider in processing your loan?
Get this info together and get it to your MiM Account Executive as soon as you can. We will then get it to our financial advisory, who will send it to the best finance partner for the lender /program for you. The sooner you get your information back to us, the sooner we can get started on making Your MiM design a reality
The MiM Team