How to go about funding?

[Account Closed]

My brother and I are looking for our first REI. We are looking for a single family home in the Cedar Rapids Area in the $100,000 - $130,000 range.

We are both recent college grads with stable jobs and we live in a condo together currently. It is a little too late to house hack at this point, so we have decided to go with single family.

We probably could put down around $10,000 for a down payment, but not much more. We have good credit scores and pay extra on our current 15 year mortgage for our condo.

How should we go about a loan or funding for our first investment? I’m assuming we would probably be in the 5% - 10% for a down payment. Is there anyway a bank would take that on? Or is private funding the way to go?

Any advice is welcome.

Thank you.

[Nicholas Wallraff]

There are plenty of banks that may lend to you in your situation.  Call and set up appointments with 5 or so lenders and see what they have to say.  I'm a fellow young investor from Cedar Rapids and have had success finding bank financing so far.  I'd recommend credit unions and smaller banks, they seem to be more willing to work with unique situations.  Two to check out are Hills Bank, and Dupaco, but don't stop there! 

Get your financial information organized, dress up nice, and go in with an open mind and you'll be surprised what you could learn from a few meetings!