I am looking into getting a FHA loan for my first investment property. I have been stuck on if I should get pre approved by a few local banks/ lenders
, or if I should find a deal first and then use the deal to my advantage to be able to potentially get a higher loan amount. The reason I’m stuck on this is because I’m not sure I would be approved for a high loan amount with my current income. I have a good savings and credit score. Any suggestions???
Try the FHA route first. Hard to beat 3.5% down. You can target a 2-4 unit place or a SFH that you can rent out the rooms
@Caleb Brown Thank you for your insight. I’d love to get into the 2-4 unit homes to create cash flow. I plan on contacting multiple different local banks to see what they may have to offer. Do you have any specific amount of lenders you would recommend I reach out to?
I don’t know any where you are at. Start out with local banks/credit unions. Avoid large lenders or ones you see with online/TV presence
@Caleb Brown I appreciate your help Thank you!
Yes, get pre-approved, especially in this market. If no local credit unions or banks are available, you could contact a mortgage broker. Good luck!
@Sean Lambert Thank you!
If you are looking at an FHA loan, a deal won't change how much you will get pre approved for. That's based on you as a borrower.
I would definitely get pre approved first as most ask for it when submitting offers in today’s environment .
@Colin Gearity Thank you!