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Qualifications for an Arizona Hard Money Loans
Many borrowers are very surprised when they learn that the requirements to qualify for Arizona Hard Money Loans are much different than those of traditional loans. Understanding these differences can be very helpful to certain borrowers.Because Arizona Hard Money Loans are asset-based, meaning the approval is based more on the value of the property being purchases than the borrower’s creditworthiness, credit scores are not a much of a concern as is the case with traditional loans. Rather than the borrower’s credit score is the most important criteria, the actual value of the property is more important. So in most cases, a credit score of about 550 is enough to secure most Arizona hard money loans.
The lender is going to require that the borrower show proof of an income that will allow him or her to make the loan payments for the hard money request. In most cases, this is done by submitting paycheck documentation or other income streams. The lender might also request a few months of bank statements to show that the income has been consistent and to track cash flow for other bills.
If the loan is being used to purchase a fix and flip property, the lender is likely ... more

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