help on first investment property - Posted by Karen

Posted by Karen on April 06, 2006 at 21:55:09:

thank you.

help on first investment property - Posted by Karen

Posted by Karen on April 04, 2006 at 20:33:36:

Hi, I need your guidance. My husband and I ran across a small property to invest in. It appraises at $67k, seller is only asking for $45k.

Here are my challenges:

  1. We have limited funds towards a down payment since we
    are in the process of buying our first home in June.
  2. Amount of purchase is too small for most lenders.
  3. Our mid scores are 585 and 570 at the present time.

What would you suggest we do to acquire this property with our current picture?

I appreciate any and all responses.

Re: help on first investment property - Posted by Shambhu Nath

Posted by Shambhu Nath on April 06, 2006 at 21:45:01:

With your score, it will be hard to get zero down investment loan. IF you can document your income, you may be able to buy this one with some down payment and your personal residence with zero down. So use your down payment for NOO and zero down for personal residence, Make sure you talk to a professional before you do this; so you can see how much down payment you need to buy rental and if you can get zero down for personal residence. If you can live in this house for some time, then may be live in the house as it has equity and then buy personal residence in the future.