is it best to go to get preapproved for a home purchase loan before I go out and do some serious investing. (seeking rental properties or properties that i want to rent)
I would think that even if I am looking for no money down home purchases I would still be more secure If I have financing lined up .
the type of home loan depends on the type of home I would be purchasing , is this correct? I figure that if I am looking for fixer-uppers or rehab property , I could get a loan which is 80% of the home value . is this right ? and if so, where do I find lenders, that would give me 80%of the home that needs to be fixed. also where do i come up with the rest of the $$$ to fix it up. thanks in advance for anyone’s advice and thoughts. Marc
Marc,
This is David. With Lease Options you can control properties without qualifying for a loan. Just keep on reading the courses and send me any questions.
Hello,
You can get prequalifed for loans, it is nice to have on had so that the deal goes through smoother. Good Luck!
Howdy Raidermarc:
Always best to get prequalified or have proof of funds in the bank to close. These days with many newbies trying to tie up and flip property most REO banks are requesting buyers to be prequalified. I went thru this myself a few months ago buying two estate deals and a REO condo. I am using hard money lenders and they gave me a letter saying they would loan me up to $100,000. Hope this helps some too
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile