FHA LOAN with 3% down on $270.000 home can i still get a pre approved loan if i have bad credit and use the property as an rental income stream
You be lucky to get a home loan if you had 40% down with bad credit.
who asked you…
Don’t get smart with me sonny boy. You ask a question and I know it hurt when you hear the truth. Fix your credit and pay your bills and save 20% and you might be able to get a loan if you have verified income.
FHA is 3.5% down and I believe it has to be owner occupied (at least for the first year). Don’t count on just saving the 3.5% though, there are closing costs (which could be included in the concessions amount I suppose but that would be contingent on your offer and appraisal of the property) and you’re probably going to want some cash reserves in addition. I agree with 100% with Real Estate Seller, right now you should be focused on saving and repairing your credit–but don’t lose sight of your goals!
Ummmmm…YOU did :rolleyes