Mountain House , CA Investing

[Nimit A.]

Hey guys, I'm just getting started with real estate investing and want to get started on purchasing my first rental property. I am a relatively young investor (22 y/o) and was looking into the Mountain House area as it is nearby where I live. I have a couple of questions related to this:

1. I was wondering if anyone has heard of or has any experiences with someone with not that much credit history getting a loan. I have a good income and have money available for a down payment with a credit score in the low 700s, but does anyone know if the bank would give me a good rate for a 30 year loan? 

2. I was looking into the mountain house area and it seems like the community is really good and is up and coming still. Does anyone have any experience with this area? It seems like an up and coming area for bay arears that may be getting priced out of the valley.

3. The down side to this community is that the 1% guideline would not be applicable here... In fact it would be closer to .5%. But I was thinking with the tax advantages, newly constructed homes, no property manager, it would be fine to start here. My rational is that repairs would not be a big issue and I could get warranty to offset any smaller repairs and so most of the generated rental income could be used towards the monthly payments and property taxes. I would honestly be very fine with breaking even right now as it would be my first purchase and I have no financial obligations.

Thanks a lot!