Employment history, Down Payment, or Savings?
Hello BP!
So, here's the set up - I recently scored a new job and my ideal situation is to start shopping for investment (multifamily) homes in the next 6-8 months. Therefore, I will have only about 6-8 months of employment history with this new job under my belt. Am I crazy to think I can get a FHA 203(k) loan or any other conventional loan for that matter with such a short employment history?
I was trying to consider some factors that may come into play - from what I understand you can put as little as ~3.5% down under an FHA loan - will it be more beneficial for me to put "more skin in the game" with the largest possible down payment I can make (say, closer to 10-15%)? Or would it look better to have the minimum down payment and show that I have a fair amount of savings (about 6 months of mortgage payments saved up)?
I'm looking for modest homes - under $150k - I have "good" credit - and only a small amount of monthly debts.
Any advice for this rookie?
Thanks so much!
- Jason