Options for financing buy and hold property

[Shane Row]

Hello BP!..I am currently in the process of obtaining my first buy and hold property..my only dilemma is which route to go in order to finance the property..to give you guys an insight on my scenario I have good credit (740+)..access to down payment money (10,000-15,000)..no prior investment history..Im not sure if I can do a conventional loan because my debt to income ratio may be too high and from my understanding (correct me if I'm wrong) Hardmoney lenders are typically better used with flips and rehab properties..can anybody help me understand my options to financing my first buy and hold property😩..thanks, Shane

[Tiffany S.]

How high is your DTI? It really depends on what you want to do. Do you want a fixer upper? Turn Key? Is this going to be Owner Occupied? If so try FHA if you are looking for a low down payment. Or just a regular conventional loan. Look for different lenders. Some are more lenient on DTI than others.