How much house can I afford? Lending advice.

[Lawrence Ajao]

Hi

I am preparing to search for my first rental property!!

First I would like to see how much I can borrow for a house hack or just standard rental property investment and see what my options are.

I’ve got about 30k +30k loan on my 401k.

What do people recommend?

Local banks?

Banks in the area I am looking to invest in?

Online mortgage lenders?

Where I currently hold checking accounts?

The big banks (CITI, Chase etc)

Any advice would be much appreciated!

[Jaron Walling]

The big banks (CITI, Chase etc) - Never type those words again. 

You need to connect with smaller local banks, and get approved for a conventional loan. Don't waste your time with an FHA or anything with crazy points.