Newbie to Real Estate Investing - Any Tips...

[Malcolm Brown]

Newbie on board.  

What are qualifying tips that we should be aware of?  # of lenders to approach?  Steps to take?

Starting out rules of thumb for newbies

Thanks for your insights.

[Mohammed Rahman]

To qualify for a loan, focus on having a credit score of at least 620 (or 580 for FHA loans), keeping your total monthly debt under 43% of your income, and saving enough for a down payment and closing costs—about 5-10% of the home's price in total. You'll also need to show stable income for the past two years through W-2s or tax returns.

Talk to 3-5 lenders to compare their rates, fees, and terms. Start by getting pre-approved to know your budget and show sellers you're serious. Once pre-approved, gather your financial documents like pay stubs, tax returns, and bank statements. Compare offers from the lenders, paying attention to interest rates, closing costs, and any penalties. Choose the one that offers the best deal and service, and you'll be set to move forward with the process.