Key questions to ask lenders

2 Replies

Hello BP,

When shopping for a mortgage loan, what are some of the key questions to ask potential lenders? I'm looking for financing for a single family home in the 200k to 250k range. Since this is my first home investment purchase, I'm considering an FHA loan. Any input is appreciated, thank you!

If this home will be strictly an investment property, the most important question to ask the lender is does the type of financing you are considering require owner occupancy? Loan options for non owner occupied properties differ and often have a slightly higher rate, but it's important to get a mortgage that is not continent upon the home being owner occupied. 

Congrats on moving forward with an investment property! Bigger Pockets is a wealth of information and with this powerful community behind you I'm sure you will have great success. 

@Christy Kinnaird
Yes, the loan is for an investment property, though living in that house for a year or so to qualify for an FHA loan is something I'm considering as well. My goal this year is to purchase my first rental property. I know I can do it! Thank you Christy...

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