Annapolis, MD Portfolio Lenders

[Christine Nieva]

Hi everyone, I am a newbie in REI and I plan on taking action in purchasing my first property in May 2016. I have been dedicating hours on REI self-education, now particularly in financing a deal. Because I will only have little down payment of <$10k by May 2016, (but I have a stable well-paying income and 740+ credit). I have been focused on HUD homes with the 3.5% down OR scouting for and working with Portfolio Lenders.

My question is: Can I utilize a Portfolio Lender to help me finance the first property in which I plan on LIVING in and eventually an investment property? I was thinking of a 2+BR/2+BA home in Annapolis, MD that was built in 1980+, so I can actually have a functioning living home, and at the same time do repairs to increase its value, and possibly sell that house within 1 year. What is all your opinion on this plan? Can someone share Annapolis Portfolio Lenders?

[Marc M.]

@Christine Nieva You should definitely have a chat with @Upen Patel. He can give you information you need on CDA and/or USDA downpayment assistance. I know most of Montgomery County doesn't qualify for USDA but Annapolis might, he'd be able to tell you.

With the amount of cash you'll have on hand, keep in mind that you'll need to factor in closing costs and other expenses as well in addition to the downpayment.  Make sure you have enough to leave yourself a cushion in case your car breaks down or you find something unexpected with the house.  Expenses always pop up when you least expect them.

Best of luck and welcome to BP.