OfflineHello my name is Matthew, and am new to posting so I am sorry if this is in the wrong thread. I look to see if my question was already posted, and didn't see it. I have found condos for what I believe to be a great price. My whife and I wanted to move into one cut costs, as the monthly payment on Zillow was lower than our rent currently. My questions are( I know the figures on zillow are estimates).
1would that monthly payment be for someone with good credit? (mine is bad)
2 can you still get a loan for first time home buyers with bad or not so good credit?
This was in hopes thay we could get more condos with the rent money we saved and rent them out any help on this would be great. Also new to investing and trying to start in fl with NMD and no credit stratiges
Matthew Schneider
You will see the fine print that says rates are for scores over 700. You should look into repairing your credit for the future, but if you are being held back by that, try finding a partner to invest with you, either someone from DG.com or someone you know and trust.
I don't know about a first time homebuyer grant, but certainly you should look into that. Not sure if you can get into in multifamily property with that.
Having rentals to bring in a monthly income is a good idea. You need to make sure the numbers work on whatever type of deal you do. The numbers for rentals are run differently than for a buy and sell home. Here is an odd rule of thumb, it is not always true but, take the net monthly income and multiply that by ten and you will arrive at the value of the condo(s). Essentially a rental's value is calculated by how much it makes.
Good luck!
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
1. go to annual credit report.com and get your report once a year for free and it does not ding your score(if someone else like a lender pulls your credit it dings your score)also pay the $7-8 for the score- get report from all 3 reporting agencies, transunion., equifax and experion.if your wife is going to be on loan, get her's too. PRINT it for your records.
2. NOW you know what your credit is and the score. if theres things on the report that you dont agree with,dispute them twice and they are usually removed.
3. go to most any mortgage co online and they have a 'mortgage calculator'for you to use and it will show what you qualify for with what score. once you input the estimated loan amount it will show what the payments are
4. credit scores are used to qualify your rate of interest- the better the score , the better your interest rate
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
To get a loan for a personal home the best options will be an FHA loan. You you will need at least 3.5% for a down payment. Credt will have to be around 620 depending on the lender, some lenders will allow a lower credit score. If you do not mind living in rural area there is an USDA loan that requires about the same credit score but does not require a down payment. When you are talking to mortgage brokers ask about FHA and USDA loan requirements. These are generally the best loans to buy your own home.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
You might also want to consider doing a deal with creative financing. Another option is to do 1 or more wholesale deals to raise enough capital for your down-payment (or possibly for the entire amount of your target property).