First home purchaser

[Gabriel Welch]

Hi! So I just got approved for a loan and I start my new job in a couple of days! I am looking to get out of renting but my new job may or may not move me after I finish training in a couple of months.

I want to acquire properties but i'm not sure if I should hold off to see how my job takes me or just go for it and see if I can rent out my place if I get moved. I'm not sure what kind of property I should get. Should I get something more for me or should I get something that would be easily able to rent out in case I leave? I think I prefer a condo over anything else just because the maintenance is taken care of. I don't know if I should just go low end and get a one bedroom till I'm sure what happens or go ahead and get the 3bd 2bth that I ideally want! Obviously the latter would be more expensive.

What's the wisest route to take?!  

[Don Coumbs]

@Gabriel Welchundefined

Great enthusiasm!

There are lots of ways to borrow money. That is a frequent topic on the forums and in the podcasts.

Typically, people will borrow with regular mortgages (Fannie May and Freddie Mac) as long as they can. The first four are easy and the next six can get done if you find good mortgage broker. When I started, I could do a cash out refinance on a non-owner occupied property, but I don't think that product now exists.  I have found a bank writing lines of credit on non-owner occupied property, and I plan to refinance the first mortgage and the credit line together - that will technically not be a cash out refi.

You could do a cash out since you will be living in the place, but you will have to have some equity first. Also, There are regulations on how long you have to live in a FHA financed place.

Don