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Frequently Asked Questions
How fast can you close?
We are committed to delivering on promised timelines, including processing and underwriting, and guarantees to complete underwriting within 72 hours and provide a list of any outstanding conditions that must be met to move forward to funding and set a closing date. Therefore, Forman can close a loan within a few days after completing underwriting and satisfying all outstanding conditions. However, the exact time it takes to close a loan may vary depending on factors such as the type of loan, the complexity of the transaction, and the borrower’s responsiveness to requests for information or documentation.
Do you offer a proof of funds letter or Term Sheet?
Yes! A term sheet is issued once we have reviewed and approved a your loan request. The term sheet will outline the terms of the loan, including interest rate, fees, and other details. As for a proof of funds letter, Simply contact us and we will get you pre approved and provide you with a proof of funds letter.
What is the minimum FICO score?
Forman requires a minimum FICO score of 620 +
How do you calculate the maximum loan amount?
Forman typically calculates the maximum loan amount based on a few different factors, including the property value, the borrower’s creditworthiness, and the amount of equity in the property.
To determine the property value, Forman may use an appraisal or a broker price opinion (BPO) to estimate the current market value of the property. This value is then used to calculate the loan-to-value (LTV) ratio, which is the percentage of the property value that the lender is willing to lend. The maximum LTV ratio that Forman will offer can vary depending on the type of property and the borrower’s qualifications.
How much money should I expect to put down when doing a new purchase?
How much money should I expect to put down when doing a new purchase?