Once Again, Things That Affect Loans

Education & Training with (retired) TN LIC# 290452


Here goes ! Here's a list of stuff you can hang on the refrigerator with your designer magnet collection :

1. The income you have left after expenses to pay off the loan.

2. If there are any vacancies on the property if your financing a rental property as an investor.

3. The expenses in relation to your debt ceiling.

4. Whether or not there's any demand for the type of property you want to buy.

5. The size of the property and it's per square foot cost asessment.

6. The size of the loan your trying to get.

7. If you have tenants.

8. The comparable and recent sales data in the vicinity of the subject property.

9. The neighboring properties and the affect on value.

10. The type of construction of the property. (for example some lenders won't loan on an "A" frame)

11. The age of the subject property.

12. The size of the downpayment.

13. The financial statement of the person seeking the loan.

14. Whether or not the lender has any money to loan (availability of resources).

15. The earning potential of the subject property.

16. The creditworthiness of the borrower.

17. If the property is insurable.

These are just a few things that the lenders take into consideration, although each circumstance varies according to the type of borrower and the corresponding type of loan, whether residential or commercial, for a family or for an investor. Lending requirements are changing in today's volatile economic climate.

Feel free to add your thoughts below !

Check with your lender to see what your options are.

Posted by

David Saks

Time&Temp Memphis

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Michelle Roethle
Windermere Peninsula Properties - Belfair, WA
Your NorthWest "Real Estate Solution"

Is this listed in order of importance?

Aug 30, 2008 05:47 PM #1
David Saks
(retired) - Memphis, TN

I suppose a investor might want to consider #15 somewhere near the top. Michelle. The hierarchy isn't critical here. They each impact the loan process. Borrowing money's become as much of a challenge as loaning it in todays financial landscape.

Aug 30, 2008 06:20 PM #2
Daisy Montano
The Saavedra Team - Phoenix, AZ

thanks for the info i will keep that in mind.

Aug 30, 2008 06:27 PM #3
David Saks
(retired) - Memphis, TN

My privilege, Daisy.

Aug 31, 2008 03:15 PM #4
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