All Forum Posts by: Juan Alvarez

Hello, I am new to the real estate world. After doing some reading, I believe it is best to start off with an FHA loan. My question is on the requirements. I am wanting to finance a duplex, you know do the house hacking deal. What about the requirements to qualify. My credit score is pretty good (700-720) . I just graduated from school last year so I don’t have hard earned credit. How much money do they expect you to have in your savings in order to qualify? I called Bank of America because that’s who I bank with but it seem like it was nearly impossible with them. Do I show them the property I am interested in first? Would they also fund for rehab cost. Any extra InformatIon will be appreciated.

Any book recommendations that’ elaborates on different loans when financing a home?

@Adam Horowitz if I qualify, would they only loan me the exact amount needed to finance the home or can you negotioate with them for rehabilitation purposes?

@Jake Walroth I had no idea that was even an option. I just researched it and they do have similar grants for first time home buyers. Thank you!

@Josh Mitchell is it possible to move out after the first year and still be under the same loan agreement?

I am still educating myself on real estate. I am wanting to finance my first home next year. I am planning on spending the next 5 months educating myself. No one in my family has invested in real estate so there is not much I can ask them. My question is, how did you guys manage to finance your property? I graduated from college last year so i currently don’t have enough for a down payment or rehab cost. Any advice/guidance would be greatly appreciated.

@Sammy G. Ok, so let’s say I walk into a credit union, do I just off the bat mention that I would like see if I qualify for a home loan. Bigger pockets rental properties doesn’t mention the steps, unless I haven’t gotten there yet.

Hello, Quick question. Is the only way to qualify for a FHA loan is to live in the property for a year?

@Darrius M. Thank you!

@Tim Bulens much appreciated!