Hi guys! I'm really new to this forum. I don't even know what FIRE stands for, but I think I know what it generally means.
I wanted to ask this question if some real estate, or mortgage, savvy person could help me.
I am interested in perhaps buying a rental property before the real estate market starts to heat up again big time. I'm thinking I will at least have until early 2009 to do this. I really want to get involved with renting out property, and I am willing to be diligent and methodical to make sure I get the right property and tenants.
I bought a condo that I live in this January 2007 and it was before the mortgage climate started getting so wacky! I have a pretty good job and credit score, and I was able to obtain a nice fixed rate mortgage without putting money down (it's NOT interest only). I kept my savings money out of it in a money market, stocks, etc.
Considering how the mortgage situation has changed, I'm thinking it would be much more difficult for me to get the same mortgage I have now, despite the fact I have fulfilled my obligation in every way for the mortgage.
I am of course aware that a lender will check that I have enough income, assets, whatever to support a second mortgage during times when I have zero renter cash flow coming in.
If I was to buy a rental property, how difficult do you think it would be for me to get a loan without a 20% down payment? Are there differences in the process when the mortgage being applied for is an additional mortgage for the person?
Thanks!!
I wanted to ask this question if some real estate, or mortgage, savvy person could help me.
I am interested in perhaps buying a rental property before the real estate market starts to heat up again big time. I'm thinking I will at least have until early 2009 to do this. I really want to get involved with renting out property, and I am willing to be diligent and methodical to make sure I get the right property and tenants.
I bought a condo that I live in this January 2007 and it was before the mortgage climate started getting so wacky! I have a pretty good job and credit score, and I was able to obtain a nice fixed rate mortgage without putting money down (it's NOT interest only). I kept my savings money out of it in a money market, stocks, etc.
Considering how the mortgage situation has changed, I'm thinking it would be much more difficult for me to get the same mortgage I have now, despite the fact I have fulfilled my obligation in every way for the mortgage.
I am of course aware that a lender will check that I have enough income, assets, whatever to support a second mortgage during times when I have zero renter cash flow coming in.
If I was to buy a rental property, how difficult do you think it would be for me to get a loan without a 20% down payment? Are there differences in the process when the mortgage being applied for is an additional mortgage for the person?
Thanks!!