Ny pre approval advice?

3 Replies

Hi all,
I am looking for purchase a property in Ny STATE for under 200k. What kind of loan do you guys recommend for my first investment, and how would you go about getting that loan?

Thanks,
Mike

Originally posted by @Michael Eng :

Hi all,
I am looking for purchase a property in Ny STATE for under 200k. What kind of loan do you guys recommend for my first investment, and how would you go about getting that loan?

Thanks,
Mike

 Vanilla Fannie/Freddie 30YF is the gold standard.

25% down is the standard.

For an SFR you can technically do as little as 15% down but the rate will suck. Which in turn you will think sucks if you're thinking like a consumer, but as an investor it may be worth considering that you aren't paying the interest anyways, a tenant is.

@Chris Mason thanks for the reply. Do you have a bank you'd recommend? Or how should I go about selecting a lender for pre approva?

Originally posted by @Michael Eng :

Chris Mason thanks for the reply. Do you have a bank you'd recommend? Or how should I go about selecting a lender for pre approva?

 @Jason Little is up in your area. :)

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