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what are my chances of getting a loan?
My credit is O.K. Not bad just not a lot of history. I am buying land from a friend/family member who is selling it to me for half the appraised price. I am seeking the price of the land plus improvements to the four houses that I will rent to make my loan payment which will only be 1/3 of the value and I will be putting the land up for collateral.
steven- the houses already have tenants and I already take care of the rental properties for my grandfather.
3 Answers
- rpf5Lv 78 years agoFavorite Answer
Odds are good you will get the loan; If you are over 21, employed full time, and & the loan payment will not exceed more then the value of 1 paycheck per month. Your chances will decrease if the loan would cause undo hardship to your standard of living, or if you already have a large amount of debt. The key factor is the amount of the loan vs your current income. Your income decides how much they will loan you. There is no guarantee they will loan you the amount you request.
Note; My answer is a bit generic. You give me no numbers to work with, or an idea of what range of loan you want.
- STEVEN FLv 78 years ago
Unless you have a history as a landlord, you WILL NOT get a loan for rental property unless you can show sufficient income to make the payments WITHOUT rental income. The bank has ZERO reason to believe you can actually rent the property.
