Financing in 19121>Question Details

Nevorn Edwar…, Real Estate Pro in Philadelphia, PA

If my buyer puts down 20% of the value of the home in question will this guarantee that they will get the loan?

Asked by Nevorn Edwards, Philadelphia, PA Fri Mar 30, 2012

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Not any more than if they borrowed 100%, down payment is only one piece of the puzzle
0 votes Thank Flag Link Sat Mar 31, 2012
This is an easy question The person you should be asking is your REALTOR/Real Estate Agent. If you don't have one get one or call me and I'll work out something so you don't have to pay for all the work you have done so far (FEE for SERVICE).
Philip J. Cunningham Sr
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700 X49 Office
0 votes Thank Flag Link Sat Mar 31, 2012
one important part of the puzzle not yet mentioned below is the appraisal..........the home must appraise out for the purchase price!

to recap, the following are factored into the final decision regarding the loan approval:

1.acceptable credit scores
2 sufficient, verifiable income to qualify for the loan amount...plus job history
3 down payment
4 appraisal
0 votes Thank Flag Link Fri Mar 30, 2012
absolutely not. there is still a risk for the bank! 80%
0 votes Thank Flag Link Fri Mar 30, 2012
Are you a realtor or the seller???????
0 votes Thank Flag Link Fri Mar 30, 2012
Not exactly. it will depend if they meet the credit standards for the bank. the person to ask is the loan officer.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Mar 30, 2012
Nevorn -- Sorry to say - but even if they put down 80% deposit, there still is no guarantee that they will get the loan. They have to qualify based on income and FICO scoring as well. This has nothing to do with the equity position that they may have. Call or e-mail me if you need to get a borrower pre-qualified, and we'll make the correct determination before they commit to 20% or 80% down.

John Bartolotta
Regional Sales Director
Amity Mortgage Corp.
1882 Route 1 North
North Brunswick, NJ 08902
908-434-4024 Direct Line
johnb@amityhomeloan.com
NMLS # 144574
http://www.amityhomeloan.com
0 votes Thank Flag Link Fri Mar 30, 2012
There are many more factors which will determine if a person will get a loan..putting 20% down only means they won't have to have PMI.
0 votes Thank Flag Link Fri Mar 30, 2012
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