Updated over 5 years ago on . Most recent reply
What are the requirements for a bank loan ?
What do I need for a bank to approve a loan?
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Depends on what kind of loan.. I am assuming you're talking about a mortgage right? Banks do all kinds of loans.
For pretty much any loan, the bank is going to want to know that you have a way to pay the loan back, whether it be from the anticipated rental income from the property or from you job. Typically banks also want to see a credit score over 620. The down payment requirement will vary depending on what kind of property you're trying to buy. If it's a property that you will use for investment purposes only then you should expect to put down between 15-25% of the purchase price. If you plan on living in the property then you're looking anywhere from 3.5%-25% depending on how many units.