Easy Qualifier (EQ) Program
Lockett-N-Homes pride’s itself in helping our customers maximize their credit score in the most cost effective manner. Our members pay a one time registration fee of $50 for one person and $80 for a co-applicant. Registration does not enroll you into the program, but allows us to evaluate your individual circumstance and determine the best path forward. To get started, click the link to EQ Program New Client Registration.
Every account is different and therefore varies in time. On average it can take as quick as 1 month or as long as 5 months to satisfy your account requirements.
No, our program is designed around the convenience of our clients. There are no obligations. You can quit the program at any time, with no additional fees.
The EQ Program can help anyone looking for or needing third party assistance in attempting to resolve their current or past credit issues, that are potentially preventing home loan or auto loan approval. No matter what your current or past credit situation is, there is always something that can be done to improve it.
YES! It is legal. In fact, it is the best way to exercise your rights under the Federal Fair Credit Reporting Act and the Fair and Accurate Credit Reporting Act. These laws were put into place to protect consumers from the intrusion of the credit bureaus into our lives. They also provide each of us with a checks and balance system, giving us the right to question the validity, accuracy and ownership of the information being reported about us and sold to others. Insuring that only information that is 100% accurate and verifiable is being provided to potential lenders, employers, and insurance agencies, so that we are not being unnecessarily overcharged for lending or insurance premiums or denied employment due to erroneous credit reporting.
Absolutely NOT! They are simply privately owned companies that make money by selling our information to anyone who will buy it.
Paying an old debt can potentially hurt your credit score just as much as it could help it. It changes the date of last activity and extends the time period in which that account can be reported. The account could be updated to show a zero balance, but will still report that it was in collections, charged off or that you were delinquent on it in the past, which will still have a negative impact on your credit score. Let our specialist determine which accounts to satisfy, and DO NOT pay any collection account without consulting a Lockett-N-Homes staff member first.
Our staff takes every precautious to ensure that once an account has been satified it will not appear on your credit again. It is highly unlikely and very rare that any account satisfied will re-appear without additional activity outside of the recommendations of the Lockett-N-Homes staff members.
To ensure a simple approval process we will need the following documents labelled EXACTLY as presented (i.e. your bank statement should be labeled Bank Statement – Month):
- Copy of the borrower’s ID
- Two most recent bank statements (full statements w/ all pages included)
- Most recent tax return (all pages only for verification purposes)
- Business Entity Docs (documents vary state to state)
- Articles of Organization
- Signed operating agreement
- Certificate of good standing
- Purchase contract – executed (if applicable)
- Detailed construction budget / rehab scope (if applicable)
- Insurance agent name, phone, and email
- Title/closing attorney company name, contact name, phone, and email (state laws determine if title company or closing attorney)
As a first time borrower with LNH you should plan for 2-3 weeks to close. Documents need to be submitted and reviewed in addition to you being vetted as a reliable borrower.
Every loan thereafter should take between 10-14 days to close.
For a rehab loan, borrowers are allowed to request funds as a part of their loan to complete updates/enhancements to the property (as defined in the rehab scope approved with the loan). Funds are dispersed as work is completed and verified by an inspector.
Down payments will vary between 10% – 20% of the total loan amount based on borrower credentials. Borrower credentials are verified during the underwriting process.
To close your loan, you will need your down payment amount plus closing costs (insurance, lender, and title fees).
Lockett-N-Homes is able to lend in 48 states with the exclusion of North and South Dakota.
No, you cannot use your own appraiser. Lending guidelines require use of an approved third party Appraisal Management Company (AMC) with registered certified appraisers.
LNH is required to schedule the appraisal, but the borrower is required to pay for the appraisal. The typical cost of appraisal is between $400-$500 but it varies from state to state.
Flip history verification is determined by the number of properties where the borrower’s name or LLC name is on title. Further substantiation can be provided with before and after pictures from the properties.
All information provided by the borrower will be vetted during the underwriting process and can impact the final terms.
Rehab funds are determined by the borrowers rehab scope and are vetted during the appraisal and underwriting process.
Reserve funds can be sourced from any one of the following accounts associated with the borrower (the borrower’s spouse or family member’s funds cannot be considered if they are not a part of the loan):
- Checking account
- Savings account
- Retirement account
- Brokerage account