Looking to invest in a possible rental property that is a triplex. They already have 2 of 3 renters & it is cash flow positive from the looks of it. I currently bring in around 85k per year w credit in the high 500's. How likely would I be able to get pre approved for a 1st time buyer loan with little to no down? Would it be better to try & do an owner finance deal or other alternative? Kindly appreciate any responses! Thanks
@Pablo Solorio You should speak to a few local lenders. You can get your footnin the door with a low money down program and househack. However I don't think a sub 600 credit score is gonna fly. Standards for lending have onky gone up since Covid. I would use the CreditWise app (not overly accurate) to run some simulators and see what you can do to bring that up. Plus if you do apply for a loan you will get a copy of your credit report and the lender can tell you how to bring it up. Keep trucking.
@Pablo Solorio Talk you a local lender. The lender will look at you credit scores,work history and debt to income ratios to determine you borrowing ability. Credit score isn't the only factor for determining borrowing ability. If the deal is really good(use your income/savings for down-payment) perhaps you could get a co-signer? Additionally the lender may be able to help you improve you credit score.