Hey BP....need advice from some you you seasoned professionals. I've been pre-qualified for a FHA loan but have not found a home. I'm qualified for 115k but I'm being kinda picky and unsure. I want to make a smart decision out the gate. In the meantime I'm working on increasing my credit score so I can qualify for a conventional.
Should I wait to qualify for the conventional loan where I will have more options as a investor or should I take advantage now of the FHA? I know with the FHA I will have to occupy for at least a year and at 115k I'm not finding alot of homes/duplex/condo's that I like. Maybe I need to get out my feelings and look at this from another perspective. By the way I live in Dallas, TX. I've done alot of reading on FHA, HUD homes and even the reno program wiith FHA (203K). Still seeking advice from this great community.
Thanks in advance,
Hi @Tamara Batsell ,
Both. Keep looking for what you can do today, and continue working on broadening your options for tomorrow. If you wait for everything to line up 100% perfectly, you may find that you are forever on the sidelines... waiting.
@Tamara Batsell ....@Chris Mason hit it right on! No house will be 100% what you're looking for. I'm a broker in Dallas and I usually tell my clients to make a list of must haves and would likes and then I dialogue with them on what they can be flexible with.
With that being said I know the market is pretty competitive now but don't give up! As things slow down for the holidays you may be able to scoop up a great deal.
The big question is are you looking at this from a business perspective (i.e., this is your first home but eventually you will rent it out)? or are you looking at living there for awhile? I say this because this may help you get your mind right for the purchase and may enable you to be a little flexible on your choice of home. Of course it's important that you like the house but if you are looking at in the long run as an investment property you may have to keep that in the forefront of your decision.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing