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It is highly recommended
that buyers apply for a loan to obtain pre-approval before they start looking for the home they wish to buy, especially if
you are looking for distressed properties or foreclosures that will utilize the Full 203k. Since it is a special construction
program, pre-approval is especially important so that 1) you don't enter into a contract without knowing for certain that
you can purchase the house, 2) you and your agent know exactly how much you qualify for so you know what price range to look
in and 3) so your agent can write your offer to your best advantage including asking for seller assistance.
There are huge advantages to being “Pre-Approved”...
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You know exactly how much
money you can qualify for
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You can determine what
monthly payment amount you are comfortable with
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You can look at the “right”
homes
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You minimize the stress
of not knowing if you can qualify
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You minimize the trauma
of finding out your dream home is unobtainable because you can't afford it
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You have higher negotiating
power because you will have a “Pre-Approval Letter” in hand, this tells the seller he has a serious offer to consider
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You can save money dealing
with a comfortable seller
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We can discuss with your
agent how to best present your offer to allow for seller assistance and maximize savings on your end
Online Express Application
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