Five things need to Borrow money
If you want to borrow money these are the five things you will need
1. Have the amount of money you need to borrow in cash or liquid assets
2. Dave a LTV of 60% or less. If you are using an appraised value it needs to be reasonable. Plan on the appraisal being done by the banks ultra conservative appraiser
3. Have a debt coverage ratio of 1.5 this means you need to have a lot of excess cash each month. Also your expense ratios have to be beefed up. In residential you need at least a 50% expense ration
4. You need to have borrowed a lot of money from the bank you are borrowing. By this I mean that you need to be a performer. You need to have borrowed several times and paid them back over a long period of time.
5. You need to have a personal relationship with the loan officer. By this the loan officer needs to know you personally. He needs to of been to your house, his kids need to of played with your kids, you need of played golf with him more than once.
You do not need just one of these you need all of them.
You really feel that 40% down is necessary right now? I am personally working on getting a loan and I hope that you are wrong for my sake!