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Mortgage Payer Credit and Capacity

bullet Credit. Past credit history of the mortgage payer. If the borrower doesn't pay anyone else, they may not pay you. We can email you a credit report.
Remember what it means when someone says their credit is not so good. It means they don't pay people on time. We try to differentiate from short term problems caused by factors outside the borrower's control, such as a job lay-off, divorce. And those that arise through sheer irresponsibility or dishonesty.
bullet Capacity. Does the borrower earn enough to make the payments? This can be harder to verify when buying an existing loan than if you are originating a new loan if you have an uncooperative mortgage payer. If you invest in a mortgage where the borrower does not make enough money to pay the mortgage, you are going to eventually end up with a collection problem.
How much is enough? Banks and similar lenders require that the mortgage payment be no more than about 28% of the borrower's income. Also that the total long term debt service is no more than 33% of their income. This would include car payments, student loans.

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Commitment and Consistency

Go directly to listings of mortgages and deeds of trusts for sale.

[Buying existing mortgages] [What is owner financing?] [3 advantages] [4 disadvantages] [Why people sell mortgages] [The effect of compounding] [Partial purchases] [Evaluating potential foreclosure] [First or second mortgages?] [Frequently asked questions] [Valuation seller-held mortgage] [The 5 Cs. Collateral] [5Cs. Credit and capacity.] [5Cs. Commitment and consistency] [Discounted mortgage calculator] [Mortgage credit  ratings] [Owner occupied real estate] [Non owner occupied real estate] [Commercial real estate] [Find seller financed mortgage] [Find owner financed mortgages (contd)] [On-line mortgage and note buyer database] [Legal questions] [Mortgage and deed of trust purchase contracts] [Final steps] [Mortgage fraud] [Paying for seller held mortgage] [American Cash Flow Association]

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