I am looking to secure financing for my first deal. It is a single family 3br 1ba in Spokane Washington. I am planning on renting out the home as it is in a prime location. The asking price is $89,000 but I think I can get it for a little lower. What is the best rate/lowest monthly payment someone can get me on a deal like this? My credit is excellent around 760 and I have a decent amount of liquid assets. Any help would be appreciated.
Do you intend to put any money down?
I could possibly put 10% down if need be.
What is the rent amount? Does tenant pay all utilities?
Hello,
In order to determine what I can do for you I need more details.
-
How do you prove income.
-
do we need to go stated or full doc?
-
How long do you plan to keep the property (do you want an arm, interest only, pick a payment, fixed).
-
How quickly do you want to purchase?
-
do you prefer 100% or is 90-95% more important for a lower rate?
Yeah, a lot of questions to be answered. The best thing to do is speak to several mortgage professionals and see who you feel most comfortable with. Building a relationship will be important as the person doing the financing can keep your costs LOW knowing repeat business is coming.
Rent in the area for a similar unit would run about $800 per month. I am planning on holding onto my units for some time; at least until I reach retirement age which is a while being that I am only 25 right now unless things go really well for me. I could prove income essentially any way that would be necessary and definetely plan on doing repeat business with the right lender.
Tenant would pay all utilities as well. I would prefer a fixed rate loan and would need the money ASAP.
So the unit is not rented?
Not currently.