Applying at American Nation costs you $0. We look at these primary factors on all our applications:
- Credit score and credit history – You must have an acceptable credit history and credit report. Based on credit, the lender will advise what is the best loan for you.
- Income – Does the person have a job? Income? Are they self employed and have 2 years’ tax returns to verify income? Bank statements, tax returns, W-2s, and paystubs are used to verify income; self employed persons will need to furnish 2 years’ personal & business tax returns, if applicable.
- Cash Flow – We look at all your monthly debts and monthly income, then analyze to make sure you will have plenty of income to service all your debt.
- Assets – What assets does the borrower have available for down payment and closing costs? Maybe you are getting a family gift? Maybe you own your property and this is your equity?
- Property – Property must be acceptable to lender. We typically loan up to 80%, meaning you would need 20% in the form of equity or cash. Amortization is determined by the age and condition of the property and is usually a maximum of 15 years on commercial property and 20 years on consumer real estate.