OfflineI am applying for a loan from an hml, and one of the things I need to turn in is a bio, can someone please tell me what this is, and also what is the point of contact for the bpo inspection? Thanks for the help
1) Completed Application – (attached)
2) Completed Addendum – (attached)
3) Bio -
4) Proof of Funds -
5) Purchase Contract -
6) Title Commitment -
7) $200 BPO Deposit – (Wiring instructions attached)
Point of Contact for BPO inspection
9) Hazard Insurance -
10) Exit Strategy -
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Your bio is the things that you have done in the past, you could use someone on your teams experience if you have little or no experience. They are trying to see what experience that you have and evaluate why they should loan you the money. This goes towards evaluating their risk. The point of contact is the person who is going to let the realtor in the home for the bpo- broker price opinion. I hope that this information helps!
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Thanks, I have a question though, we have lots of experience fixing properties and painting, roofing, and drywall but not a lot of rental, is that ok