What Is The Eligibility Requirements For A Contractor Mortgage
Saturday, February 18th, 2012If a business owner is trying to secure a contractor mortgage they will need to spend some time to clearly understand the process involved. These mortgages do not follow the same underwriting process as a residential mortgage however there are some things to take into consideration.
The first consideration is the credit worthiness of the applicant. If the contractor is registered as a corporation there will need to be trade references and the lender will also look at the credit profile of the directors. Credit scores range from 300-800 depending on the reporting agency.