Green newbie looking lending advice

[Sonya Fowlkes]

Hello all. I’m very new, and this is my first post. I have zero experience in buying homes for rentals. I’m in the process of rebuilding our credit (very low score currently) and should be in a good place with my FICO score in by years end. Any advice or suggestions on lenders in the Philadelphia. Delaware area who could help lead me to purchasing for hack rentals? Thank you in advance for any and all help.

Sonya

[Cassandra Sifford]

Hi @Sonya Fowlkes Welcome to BP!!! I'm fairly new to investing, live in DE and my investment property is here as well. Interested in the Philly market and went to a Philly REIA meet up that was informational. I closed my first deal in October and my original lender was Trident Mortgage (I'll message you his contact info), but it was later sold to Wells Fargo. Depending on your loan amount, some lenders won't find it financially advantageous to approve you. Learned that the hard way by having QuickenLoans pull my credit to then tell me that my loan amount didn't meet their criteria. If I would have known, I would have never applied. They should make this stuff clear as day, but it wasn't. Some lenders add on additional points if your loan amount is too low ... basically you pay some interest up front in exchange for a lower interest rate over the life of your loan. Let him know what your plans are and he can let you know what he can do for you.

Well wishes ... Cassandra :)