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Our Simple Process  

 

REHAB LOANS

 

Find a diamond in the rough and we can help you clean it up with our Rehab Programs.  Available for homebuyers and investors.  Visit our rehab segment or call 888-842-9732 for more information.

BUILDING WEALTH
 THROUGH OWNERSHIP
 

View a video of an
actual rehab!

Click here for larger view

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
STEP 1   STEP 2   STEP 3   STEP 4   STEP 5   STEP 6

Phone Interview

Build Credit Package
(Pre-approval)

Locate Property

Rehab Checklist
(If Applicable)

Final Loan Approval

Closing
 

Step One
Phone Interview

 The “Phone Interview” is the initial one-on-one communication between client(s) and Legend Mortgage Company. During the interview, we will access and discuss the client(s) income, assets, liabilities, and credit history. Based on the phone interview, we are able to present the client(s) with possible, common sense financing options.
 

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Step Two 
Build Credit Package

 During this step, we will gather all the necessary credit and income documentation for the credit package. The goal is to have everything in order when the client(s) locate a property.
 

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Step Three Locate Property

 Here the client(s) locates a property that meets the client’s personal criteria and within the financing qualification requirements.
 

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Step Four
Rehab Checklist

 Only if the client(s) is utilizing the rehab loan program, will this step be applicable. Here the client(s) will consult with a licensed/ insured contractor, & plan reviewer (if applicable) to determine the rehab estimate. Once the rehab specifics and costs are established, an appraisal is ordered to determine the After Repair Value (ARV) of the property.
 

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Step Five
Loan Approval

 All the final documents / conditions are sent to the lender for final approval. Once approved, the lender will issue a “Clear to Close”.
 

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Step Six
Closing

 The deal closes, the client(s) get the keys (in a purchase transaction) and everyone is happy!
 

CALL TODAY TO SET UP A PHONE INTERVIEW
 888-842-9732
 (Click here to review the Phone Interview Instructions)

  

 
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Mortgages are originated by Legend Mortgage Company, 452 Ogden Ave., Lisle, IL 60532

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  Illinois Licensed Residential Mortgagee