Step one get a lender? - Mortgage broker recommendations Dallas, TX (or surrounding)

Real Estate Agent · NH · Member since 2019 · 18 posts · 18 votes

Congrats on starting you investing journey! You ask a lot of great questions in your post! I will try and answer them to the best I can, but I will confess, I do not know the answer to all of them.

First off, you are on the right track! I would suggest to first reach out and talk to a couple Investor focused real estate agents in your market. You should be able to use bigger pockets "Find an Agent" tool. Once you talk to a few agents they should be able to help point you in the right direction for financing. Most Realtors have banks/lenders they work closely with, so they should be able to make an introduction, or at least suggest some of the best lenders to use in your area. I am not in the Dallas market, so I cannot help you with any recommendations.

Now, I am unsure if not being a US citizen will effect your ability to get approved for a mortgage. This is something you will need to call mortgage lenders and ask. Hopefully someone else can chime in and help answer that question.

Let me know if you have any other questions, I will try and help the best I can!

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Bruce Lynn

Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes

2y

Congratulations...you're on the right path. Sorry for the speedbumps so far. You just didn't talk to the right person.

#1. Do you have work authorization for USA? You don't have to have that to get a loan or buy a home, but it will help. Potentially your down payment will be lower and interest rate significantly lower. Also you will likely have way more options on lenders and loan products.

#2. If not, there is a loan called ITEN loan. You'll probably need two years of tax returns of paying taxes in USA to qualify. You may also need 20-25% down payment and interest rate will be higher than if you can get regular mortgage financing.

#3. Do you have a bank account? Are you depositing your pay in the bank? Have you done anything to start building credit? For example do you have a US based credit card, any type of USA loans you are paying, like car note, cell phone bills, electric bills?

#4. Do you plan to stay in this area for a while and work and live in the same house?

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Rebeca Enriquez

OP

Member since 2024 · 3 posts · 0 votes

2y

Quote from @Brian Sardinskas:

Hey @Rebeca Enriquez,

Congrats on starting you investing journey! You ask a lot of great questions in your post! I will try and answer them to the best I can, but I will confess, I do not know the answer to all of them.

First off, you are on the right track! I would suggest to first reach out and talk to a couple Investor focused real estate agents in your market. You should be able to use bigger pockets "Find an Agent" tool. Once you talk to a few agents they should be able to help point you in the right direction for financing. Most Realtors have banks/lenders they work closely with, so they should be able to make an introduction, or at least suggest some of the best lenders to use in your area. I am not in the Dallas market, so I cannot help you with any recommendations.

Now, I am unsure if not being a US citizen will effect your ability to get approved for a mortgage. This is something you will need to call mortgage lenders and ask. Hopefully someone else can chime in and help answer that question.

Let me know if you have any other questions, I will try and help the best I can!

Hi Brian, Thanks for taking the time to answer! You are right I will keep calling and contacting more agents to find what options I have!

0 Reply

Rebeca Enriquez

OP

Member since 2024 · 3 posts · 0 votes

2y

Quote from @Bruce Lynn:

Congratulations...you're on the right path. Sorry for the speedbumps so far. You just didn't talk to the right person.

#1. Do you have work authorization for USA? You don't have to have that to get a loan or buy a home, but it will help. Potentially your down payment will be lower and interest rate significantly lower. Also you will likely have way more options on lenders and loan products.

#2. If not, there is a loan called ITEN loan. You'll probably need two years of tax returns of paying taxes in USA to qualify. You may also need 20-25% down payment and interest rate will be higher than if you can get regular mortgage financing.

#3. Do you have a bank account? Are you depositing your pay in the bank? Have you done anything to start building credit? For example do you have a US based credit card, any type of USA loans you are paying, like car note, cell phone bills, electric bills?

#4. Do you plan to stay in this area for a while and work and live in the same house?

Hi Bruce,
Thanks for you answer, yes I do have all of the above. My only concern is that I am under a work visa, which can be renewed, however I am not sure if for the lender that would represent a risk to have a loan for let's say 30 years.

0 Reply

Bruce Lynn

Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes

2y

Hi Bruce,
Thanks for you answer, yes I do have all of the above. My only concern is that I am under a work visa, which can be renewed, however I am not sure if for the lender that would represent a risk to have a loan for let's say 30 years.

You are correct. Some lenders don't know how to do it. Many will tell you they can, but despite warning them over and over in the end, won't be able to do it.
Fortunately I have a great lender that I've worked with for about 20 years that handles many of my international clients. There are lots of different kinds of visas so some might work, some might not, but I've had pretty good luck with her getting it done. I don't even call anyone else in these cases.

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Harrison Sharp

Real Estate Broker · DFW · Member since 2015 · 350 posts · 270 votes

2y

Quote from @Rebeca Enriquez:

Hi! I am 25 years old, since I was 9 my dad made me read the book Rich Dad, Poor Dad, and 1 year an a half ago I was transferred to USA from work, in that book he talks about financial freedom and real state, so I recently bought the book how to invest in real estate, by Joshua and Brando (I am still on page 120) however with each page my interest increased, which lead me to this forum. Readying all your stories really inspired me.

So I took action, I know nothing, so I thought the fist step would be talking with an agent and get an idea of the market value, make numbers, and then look for options to finance the asset. However I call one of them explained my situation, currently starting, getting to know the value and look for lenders, however his answer was not what i expected, he let me know they are looking for investors with money so they can help them...

So I was wondering If you have any advise/opinion/comment on;

Would the fist step be get to know to what financing amount I have access to, based on my employment and credit score?
Should I look for other agent?

Do you have any mortgage broker recommendations in Dallas, Tx (or surrounding areas).

Would affect if I am not USA citizen, but an employment based resident?

Step 1 - Get a good agent who knows how to find a good deal in the market you're in

Step 2 - If the agent is good, they will have a great lender they already work with who will be able to guide you through the different loan options and products that make the most sense for you and your situation.

Step 3 - Find a good property!

Good agents will make this process as seamless as possible and will already have all of the contacts in place for you.

Shoot me a DM if you want me to connect you with my lender! I close 75+ deals a year as a real estate broker here in DFW and work with a ton of BP investors.

Congrats on getting your start so young!!

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Step one get a lender? - Mortgage broker recommendations Dallas, TX (or surrounding)

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