Working with Lenders

[Vidal Gonzales]

Hello Everyone,
I just wanted to reach out and get some of your opinions and tips and tricks in regards to lenders. I want to start the process of purchasing a new rental property out of state, but I only have 20k to play with as of right now.

Considering the facts that I do not make a lot of money annually and my being younger, the lenders that I have talked to do not want to work with me. Would anyone here know of any lenders that would be willing to work with me? If not, what can I do to show lenders it would be worth their time working with me? Any help would be greatly appreciated! I look forward to hearing from you guys.

[Jeremy Kitchen]

Just keep grinding and saving honestly. Conventional lenders like good credit(650+ it seems, the higher the better), debt to income (keep credit cards under 15% utilized and make more than minimum payments), steady employment(2 years minimum). Something that might be good is to live in the property you're trying to get. That way, you can get an FHA loan for around 3.5% down. Live in the property for a year, then refi out conventionally to get rid of the private mortgage insurance. Anything out of state that you're not living in, will roughly require 20% down. Even with hard money and private money, they typically want to see some skin in the game.

Hopefully that helps!