Hey Guys, my names Drew I’m 23 years old. I currently am working full time and have a credit score of about 750 with 4-5 years of Credit history. I have always wanted to get into real estate, but my job has the possibility of moving frequently for promotions which I’m about to do soon. I plan on renting my primary residence for now which makes better sense for me. Financially I am able to purchase a home. My plan was to buy a condo in an area in Virginia where my family use to have one. I’m curious what my options are for obtaining a loan on this would be since it’s my first time purchasing a property, but it won’t be my primary residence. Loan would be around 100-150k just trying to see what my options are for loans, down payments, etc any help would be great!
Most likely conventional loan with 20-25% down
@Drew Moyer Hey Drew, I'm a bit confused. If you are going to rent your current residence, will the Condo in Virginia be your new primary residence? Or will the VA Condo also be a rental? If it will be a rental, I can tell you the typical terms and what a community Bank will look for when underwriting the deal for approval. Let me know! Thanks.