I thnk Delegates can continue to run and be voted so long as loans are performing and the delegate wants to run again
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For traditional lending, the underwriters look at DTI (debt-to-income) ratio, and credit score most. They get the dti from all income docs they request, divided by all of a borrowers expenses. Typically, a max dti is 57% for FHA or 45% for conventional loans, but there are exceptions. Underwriter then looks at the purchase price of the property, including taxes and insurance, and adds that to dti. If all checks out, good to go to lend the borrower money.
Problem is they don’t use those metrics for hard money loans. When I took out a hard money loan in December they just wanted to see a market analysis of the home, and my LLC docs for the construction company because the LLC holds title to the property, not in my personal name.
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