Dallas, TX · Member since 2014 · 2 posts · 0 votes
Hi guys need info, starting a new job pretty soon. I'm interested in buying my first rental property, just concerned on qualifying for a loan. I rent and I do not have a mortgage currently, have good credit and 20% down. This being said should I be worried? If so how long before I can get a loan?
Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes
11y
@Geff Acosta It could hurt you if you are changing industries and were not at your previous job very long. When you are in accumulation mode buying properties and have a good full time w2 J O B... sometimes it is worth the pain to keep accumulating.
Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes
11y
@Geff Acosta It could hurt you if you are changing industries and were not at your previous job very long. When you are in accumulation mode buying properties and have a good full time w2 J O B... sometimes it is worth the pain to keep accumulating.
Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
11y
It depends. If you had good history before that (longer term job, current on car payments and all other liabilities) should be good to go as long as your DTI or debt to income is good.
Residential Real Estate Broker · Fort Wayne, IN · Member since 2014 · 171 posts · 116 votes
11y
Yes, you should be worried! The longer your employment the better off you are in the eyes of the bank. I have not gotten a bank loan in years so I am not 100% up to speed on this but I believe it can negatively affect you for 90 days to as long as 2 years.
If you are renting you could always buy a property under value, (exclusive listings from HUD www.hudhomestore.com or priority period from fanny www.homepath.com ) live there for a couple of years then flip it.
Keep in mind not every house is a bargain on these websites however 51% of the homes owned by HUD sell within the first 45 days ( stat taken from last 5 years of sales history for the Upstar MLS of Northern Indiana )
Dallas, TX · Member since 2014 · 2 posts · 0 votes
11y
Yeah I though so, makes since that it will take me longer.
@Nicholas Miller " priority period from fannywww.homepath.com ) live there for a couple of years then flip it." Never heard of this, how does this work. Do not really know much about the priority period from fanny.