The Five Best Ways to Guarantee That a Buyer Will Really Get the Loan
Here is a quick overview of how my lenders grade buyers/borrowers and the five critical areas that they will scrutinize for my clients.
1. The borrower’s ability to repay the loan – cash flow
- He will check income.
- He will check employment stability.
2. The borrower’s assets
- He will check liquid cash for closing and back up funds.
- He will check other sources where cash can be obtained.
3. The borrower’s liabilities
- He will check revolving and installment accounts
- He will check child support and alimony payments
- He will check pledged assets and unsecured loans
4. History toward repayment of debt
- He will check their credit report
- He will check their mortgage history rating
- He will develop a FICO score
5. Standard qualifying ratios for loan approval
- He will check that the total housing payment PITI (principle, interest, taxes, insurance) does not exceed 28% total gross monthly income
- He will check that the total monthly debts including housing do not exceed 36% of the total gross monthly income
When you sell a property, you want surety of close. Please call to speak with Shelby or one of her trusted lenders.
