All Forum Posts by: Sole Angel

What if they offered a rehab loan for 100%? This would be for a fix-up property?

Good morning! If I find a lender that's willing to loan me 100% of the purchase price, rehab, etc., but I have to put in a 3-5% closing cost, is it worth it? Does that mean I have to pay the lender back? Should I at least offer to pay the down payment? Can I offer to pay anything? Should I find a lender that's in the same state as me? This is going to be a DSCR loan since I don't have 2 years worth of history, but I do have a high 700's credit score with zero debt.

Good morning! I haven’t bought my first property just yet, but I was wondering if $35,000 is enough to start buying a small single-family home in North Carolina. I found a lender that will cover the purchase and rehab, but I need to pay the closing cost, which is about 3–5%.

I would be using a DSCR loan since I don't have 2 years of work history.

Good afternoon! I'm new to BiggerPockets and was wondering if I have a 7-month gap in my work history, can I still be approved for a loan? This would be my first property I'm investing in. I don't have any debt at all and have a 778 credit score, but I don't have two years of consistent work history. My last employer was only for 11 months, from August 2022 to July 2023. I work two part-time jobs, probably making about $25k a year, and I have some money in my HYSA (about $10k). I'm also looking to buy my first investment property next year, in 2025. Does my first employer from August 2022 to July 2023 still count for a 2-year work history for next year in 2025?

I've been reading about the DSCR loan that doesn't require income proof, but I've heard some people say you need to have a primary house in order to be qualified. Is that true?

I love to hear back!