Loan Question on Property

Loan Question on Property

Member since 2019 · 1 post · 0 votes

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!

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  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    6y

    Most likely conventional loan with 20-25% down

  • Lender · Frederick/Montgomery County, MD · Member since 2019 · 56 posts · 46 votes
    6y

    @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.

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