All Forum Posts by: Eric Hobbs

@Emily Hime

Where in South Carolina are you looking to buy?  What kind of property?  Single family home?  Condo?  

Are you paid as a W2 employee or 1099? How long have you been in your current position? How long have you been in the industry/profession? Typically, you would need 2 years of (no long gaps) employment in same industry for Conventional financing. Sometimes less. However, if you're 1099 which is considered self-employed you would need 2 years with same company. If you switched from 1099 to 1099 you would need 2 years of consecutive employment for traditional financing. Typically, lenders also want to see 2 years of overtime to count that part of your income. There are other types of loans called non-qm that differs from above, but that is outside conventional financing and requires more down payment. Lowest down payment could be 3% for Conventional financing, depending on credit score, property type, income (there are income limits to qualify for 3% down) etc. Lowest down payment for FHA is 3.5%. There are a lot of moving parts in lending.

As for Real Estate Investing, read as much as you can.  Network with people that are currently doing what you aspire to do.