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Updated over 5 years ago,

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Drew Dotinga
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I'm pretty new and had a question on rental properties mortgages

Drew Dotinga
Posted

I'm 20 years old in college. I have a job that pays 15$ an hour in Flagstaff Arizona(minimum wage is $12). My parents pay for pretty much all the bills until I graduate college in 2 years. If I'm leasing an apartment next year and want to purchase a single-family home as a rental property. Could I get a regular mortgage interest rate because I already have a primary residence somewhere else? Or would I have to do an investment property loan which has high-interest rates and probably isn't the smartest way to get started? 

Also, my 10k debt doesn't have to start being paid until after I graduate(as long as I stay in school full time). I'll graduate in 2 years with about 20k debt. This means I CURRENTLY have 0 debt or loans being paid and a credit score of 750. Would my debt to income ratio and credit help me qualify for decent mortgages?

Sorry, its a lot. I want to get started with rentals as young as possible. Appreciate any help.

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