Loan Officer Question

[Tyler Harrel]

Good afternoon all,

I am looking to start a discussion with those that either have experience dealing with mortgages or is a loan officer and would be able to assist me on a couple questions I may have in regards to obtaining a loan for a rental property.

When doing a 20% down on a mortgage for a rental property, what do the banks look for in the individual applying for this loan? What determining factors financially, determine whether or not the individual is approved or not?

Anything on this matter helps!

Thank you

[Chris Mason]

@Melvin List is in your market, reach out to him.

FNMA guidelines are about 1000 pages long. So it usually goes the other direction -- first a lender will review your financials, and then figure out the game plan. For example if I attempted to answer your question by talking about the impact of student loan debt with income based repayment terms, it would be a waste of both of our time if you do not have student loan debt with income based repayment terms. Same thing with the rest of that thousand pages.