Fairly new to the Real Estate game. I'm working full time and putting money to the side to make my first purchase sometime in 2020. Is there anyone on Biggerpockets that covers real estate in this area? Looking for advice on how to make buy my first house (preferably a 2 family) to invest.
Where should my credit score be?
How much for a down payment in areas like Newark/Paterson?
Does the amount of money I make at my full time job matter when buying my first house?
I myself haven’t looked into New Jersey very much, but, I do know a flipper that works in Jersey and a rental property owner that works in jersey.
Your credit score normally has to be a minimum of 580(depending on the loan).
The down payment needed also depends on the loan. With FHA, it's 3.5%. With conventional, it's 5%+. If you aren't inhabiting the property, you typically need 20% down. I would certify this info just in case i'm Incorrect.
The amount of money you make at your job, usually dictates what the lenders will lend you. Unless you go the private or had money route. Those lenders tend to look at the deal potential as opposed to your income.
Thank you Bill!!
The reason I ask is because I live had home. I'm able to save up a decent amount monthly but I make around 40k a year and have things like student loans that take up a decent amount of my pay. In the next coming months I wanna possibly add a part time job to help prove to lenders I'm worthy.
New Jersey looks like a great place to start off as I see real estate booming all around me.
The two area that you mentioned are going through a rough patch- Had another lender recently tell me that 25% of their mortgages in Patterson went under. Make sure you know the area well and that whatever lender you are working with approves of the deal prior to signing the contract