Conventional loan recommendations in the San Antonio area.

[Ray Minjarez]

Im looking to get pre approved with a lender in the San Antonio area. Any recommendations? I figure this is a good first step as a newbie. I want to know if I qualify and if I don’t, why.

[Andrew Postell]

@Ray Minjarez yes, always get prequalified.  And if you are looking to "Buy and Hold" then being prequalified with a conventional lender is highly recommended.  If you are wanting to flip, then being prequalified with another loan type that can close quickly would be good enough.  In general, if you are prequalified with a conventional loan, you would be prequalified with nearly every other loan type.  If you are truly needing just a conventional loan prequalification I would recommend to ask these questions:

1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
2. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
3. What is my minimum down payment required? (not so important but if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
4. Can I change title to my LLC?
5. Do you sell your mortgages?
6. Can you explain to me what your reserve requirements are?

These questions should get you started at least.  If they have to go "talk to an underwriter" or if they take a while to get back to you with these answers that may not be a good sign.  We move quickly in the investor world and we need those items above to be successful.  

Let me know if there is anything else I can share to help!  Thanks!