First buyer Mortgage Requirements

21 Replies

Hi everyone

I'm new to Biggerpockets and have a lot of questions! I'm from Miami and trying to learn more about real estate in my area.

Here's the first one...

Would someone who has not have a consistent job for 2 yreas(However has a great credit score and some down payment ) be able to get qualified for a mortgage?

Thanks

@Mahdi Mortazavi having the same job for 2 years is not a requirement.  If you have 2 years in the same industry that would be good enough.  Or even if you have job hopped from industries but received the same pay type, that would be ok too.  I would recommend to just speak with a mortgage professional in your area.  Just talk it through with them.  They should be able to provide some free information without even having to check your credit score.  If you need some advice on who to reach out to them post in the state forum here on Bigger Pockets.  There should be some good locals in whatever state you are looking in to help out.  Hope this helps in some way.  Thanks!

Promotion
NestEgg
Smarter rental management
Outperform your peers by 71%
NestEgg landlords save $6,960/yr in fees & 20 hrs/mo*. Self-manage for free or go hands-off for $29.
Start now, get $500

@Mahdi Mortazavi Welcome to Biggerpockets go out and read a few books listen to a few good podcast. Find a mentor in your area whether that's Rental Fix and Flip, Buy and hold Etc.... There are good some people in the forums but some are very busy and don't really have the patients to answer every question. learn as much as you can find a deal the sky is the limit you being here is a good step

@Dante Foreman

Hello Dante and Thanks for your tips....

I just finished reading the free pdf book called The Ultimate Begginer's Guide published by Biggerpockets.

I really enjoyed it and I found a lot of questions of mine answered by this 53 page book!

Unbelievable book man!

However I was left with other new questions that's why I just started chatting in forum to find answers and of course friends!

@Mahdi Mortazavi

You do not need a license because we’re selling CONTRACTS, not houses. You just need to learn about the laws in your state to see what’s legal and what’s not in regard to wholesaling.

I second @Dante Foreman. Find a mentor who’s doing what you want to do first. They’ll teach you what you need to know (possibly for a portion of your first deals as payment). Learn how to Wholesale with no money and then start marketing.

Best of luck! Crush it!

@Andrew Postell

Hello Andrew,

I got a question bro,

As I'm a first buyer, I would like to benefit from this and buy a property with the least down payment, my questions are:

1) Can I buy a multifamily property 3-4 units and sell one of them get one for my residency and sell the other(s) to invest that money in other property purchases?

2)what is the best type of loan on a multifamily property for a best buyer like me?

@Mahdi Mortazavi as a first time home buyer there is an entire WORLD of loans that open up to you.  These loans are sometimes known as "first time homebuyer" loans but sometimes also known as "downpayment assistance programs".  And each area of the country will have different options for you.  So the options here in Texas would be entirely different than the options you have in Florida.  And Miami might even have different options than say Pensacola.  Since these loan programs are so localized you really need to speak with a lender in your area.  Feel free to post in the Florida forum here on Bigger Pockets if you would like.  You may have some good locals who answer for you.

Oh, and to answer the "can I sell units of a 4-Plex" this answer is a pretty firm "no".  You would have to replat the properties and have them contain separate legal descriptions and you would need your local government approval to do this....and that would be very difficult to do.  Most people who purchase a multi-unit property RENT the other units.  Sometimes its referred to as "house hacking".  

Hope this helps!

Thank you so much Andrew for your thorough reply...yes as I mentioned I am about to get my down payment together to invest on my first property.

I don't know how to access to Florida forum...here are some more even questions still tickling my brain bro...jajaja

How should I know about the best time to purchase property in Florida? 

Is it good for An inexperienced  first buyer to invest on multifamily? Or it's better to invest on a townhouse or small apartment and then  flipping them to gain interest?

How to shop the best property with the best mortgage?...

I know Andrew it's too much of a favor to ask you all these questions and you have already helped a lot,but I didn't know how to get connected to the Florida forum.

Again thanks for your time.

Promotion
Obie Insurance
Coverage for your rental
Get a quote for your rental property in 2 minutes or less.
Save on landlord insurance. A transparent, simple, and affordable way to protect your investment.
Start Saving

Hello Raymond,

Thanks for reaching out, 

I would like to get to know you when I'm back in Miami, I'll be back next Thursday 

What area in Miami do you work?

Here's my contact number, feel free to call me bro,I have a lot of questions! 

7863809528

Originally posted by @Michael Kieffer:
@Mahdi Mortazavi Absolutely. We are an asset based lender...which means we underwrite the property. No income verification or tax returns required. Most loans are capped at 75% LTV, free free to reach out of you want to run a deal by me. I'm also based in Miami.

I would like to know about your lending options on a multifamily property up to 3 units in details please.

As a new unexperienced investor which deal is better to Start with?

1-invest on a multifamily deal where I could stay and use one Unit for myself and rent others to produce cash flow?

2-invest on a cheap but sure foreclosure apartment and flip it to gain interest?