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Updated over 11 years ago,
How do I "line up" financing before submitting offers?
I've read a lot of the forums but haven't found my situation.
I'm credit worthy 716 was my recent score when I switched credit cards.
Strategy is buy / hold long term rental. Price targets 80K to 120K.
I have about 20K cash to use, and 50K Home Equity Line on my current house that would be available as well.
My questions:
Since I have some available cash, how do I use it most effectively?
Can you get preapproved for a $$ amount like you can when shopping for a personal loan?
Most common scenarios I hear about are roughly 20-25% down. I see FHA thrown around a lot I need to understand if this is valid if I don't plan to live in the property. I am assuming it is not.
Advice / Links appreciated, I keep googling only to find sales / marketing for get rich quick schemes.
Thanks for your time
-Chris