Applying for Financing

When a lender makes a decision about a mortgage application, they generally consider several basic factors; your ability to repay your loan and your willingness to repay your loan.

Ability to repay the mortgage is determined by verifying your current employment and analyzing your total income. Lenders will verify your income status, and often prefer that you have been employed at the same company for several years, or in the same field for several years. Your proposed monthly payment will be compared to your monthly income and debt.

Willingness to repay is influenced by how you have paid previous loans and by examining how the property will be used. Willingness to repay is often derived from your credit score, past loan history, and payment of utility bills. It is important to remember that there are no set rules and each applicant is handled on a case-by-case basis. Many applicants come up a little short in one area but make up for it with other strong points. These compensating factors may include: a large down payment, solid employment history, extensive educational background or overall financial stability.

Many of our lenders offer 100% financing options and are experienced in FHA, VA, Conventional and Construction Perm loans as well as specific financing options and loan programs. We feel confident the lenders we reference will uphold the values of honesty and client satisfaction that Ryman Construction employs on a daily basis.