Yes, bids have an expiration date and will require re-submittal once expired. In addition, delays of longer than 60 days may require a new credit check which could result based on new credit scores of changed eligibility.
No. Once the reason for the denial has been corrected you may reapply.
Yes. FEC will only loan money to the property owner(s) of record, unless you are the legally designated agent for the homeowner (i.e. Trusts, Wills, and Power of Attorney). In that case, you will be required to provide legal documentation to substantiate the designation.
Your Co-op's loan fund is a “fixed” pool of money. Because these loans are low-interest, each time there is loss due to default, bankruptcy, or foreclosure, that “fixed” pool is reduced by that amount.
As listed owner of a property, you have an interest in that property. Your Co-op requires all persons who have an interest in the property to sign the participation application and loan agreement for the following reasons:
- to ensure that all property owners are informed;
- to ensure that the obligation will be paid if anything happens to the primary applicant
- to ensure continued viability of the loan pool.
No. FEC will only loan money to the property owner(s) of record.
No, Flathead Electric Co-op will not loan to residences that are located on leased or rented land.
No, Flathead Electric Cooperative will not loan to residences that are located on leased or rented land.
Yes. Residential loans are capped to one property owner.
Your not-for-profit, member-owned Cooperative cannot extend credit to you without utilizing your Social Security Number (SSN) or other valid Federal ID Number (FEIN) for a “soft” credit check. This soft credit check does not affect your credit score. Your SSN/FEIN card may be required through this process.
No, there are no penalties for paying off your loan early.