David Saks: August 2008

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

27 Reasons to Disqualify You For A Loan : #19 Applicant Is Not Of The Legal Aqe Requirement

                              19

There's not much to say regarding who's old enough to put their signature on a loan document and who isn't.

These requirements vary from state to state but are pretty much in agreement with each other.

As of 2008, the legal age for entering into a contract is 18 years of age in every state in the United States except the following: Alabama and Nebraska (19 years of age), and Mississippi and Puerto Rico (21 years of age). Please correct this in the comments section if you know of any changes as of this entry.

Usually, loan processing moves forward if the co-borrower satisfies the applicable state age requirement.

If a kid signs a contract for a loan, that contract is void.

When someone isn't of the legal age required to accept the repsonsibility that comes with the signature on that contract, that contract is void, one which can't be enforced.

Next: Insufficient or Unacceptable Co-signer




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • August 19 2008 12:17AM
27 Reasons to Disqualify You For A Loan : #19 Applicant Is Not Of The…
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There's not much to say regarding who's old enough to put their signature on a loan document and who isn't. These requirements vary from state to state but are pretty much in agreement with each other. … more
27 Reasons to Disqualify You For A Loan : #18 Credit Application Is…
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When your loan application has been received by the lender they'll start the loan approval process right away. This will involve verifying : 1. Your Credit history 2. Your Employment history 3. Your… more
27 Reasons to Disqualify You For A Loan : #17 Unable to Verify…
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If you say that your living at the Waldorf-Astoria but your actually living in a trailer, with your boyfriend, mother or in your car, there's going to be a problem. Whan you apply for a big ticket item… more
27 Reasons to Disqualify You For A Loan : #16 Length of Residency
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This is an easy one You could be turned down for the loan if you say you've been in the house for seven years and it shows on the deed of trust that you bought the home five years ago. Maybe… more
27 Reasons to Disqualify You For A Loan : #15 Excessive Unsecured or…
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We all know that having a credit card is kind of like having a small personal loan that gives you a credit rating. By demonstrating that you can pay off small amounts of credit over time on time… more
27 Reasons to Disqualify You For A Loan : #14 Insufficient Equity in…
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You could compare insufficient equity in your property to having insufficient funds in your checking account, in a way If you write a check on that checking account and it bounces, gets sent… more
27 Reasons to Disqualify You For A Loan : #13 Inadequate Value,…
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Come on If the house isn't worth the amount of money your asking the lender to loan you, forget it The home might need lots of repairs. The home might be in negative amortization,… more
27 Reasons to Disqualify You For A Loan : #12 Not Within The Lender…
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The banks and the lenders have specific guidelines under which they'll approve or deny a loan applicant. Remember that lenders and banks have different policies in relation to the way they will or will… more
27 Reasons to Disqualify You For A Loan : #11 Unsatisfactory Credit…
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A history of not paying your debts or not paying them on time will blow your credit ship out of the water and sink your chances for obtaining a loan. Lenders just won't buy a bad debt history … more
27 Reasons to Disqualify You For A Loan : #10 Unable to Verify…
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Simple process here that either confirms or abnegates your statement to the lender. Your lender will attempt to determine if the information that you provide on the employment application is… more