http://www.REIClub.com - Proof of Fund Letters Can Drastically Strengthen Your Purchasing Power In Real Estate. Here Is A Quick Video On How To Get Approved For A Proof Of Funds Letter.<br /><br />Proof of Funds Letter:<br />- Document that ensures, the seller. that the funds required for the real estate transaction are obtainable and legitimate by the buyer.<br /><br />Where Can You Get It?<br />- Banks<br />- Mortgage Brokers<br />- Hard Money / Private Lenders<br />- Transactional funding companies<br /><br />Requirements:<br /><br />Have the funds:<br />- Recent bank statement<br /><br />Don’t have the funds:<br /><br />Traditional Lenders<br />- Pre-Approval<br />- Credit history<br />- Debt-Assets ratio<br />- Monthly Income<br />- Approval period: 1-2 weeks<br />- Harder to qualify<br /><br />Private Lenders / Hard Money<br />- Not all lenders are credit score driven<br />- Deal specific<br />- End buyer in place (B-->C closing)<br />- Approval period: 1-3 days<br />- Easier to qualify, less stringent stipulations<br /><br />When You Will Need It:<br />- Back-To-Back Closings<br />- Transactional funding<br />- Short sale transactions<br />- REO purchases
