All Forum Posts by: Eric Kump

Hey Jason! I'd love to connect with you and help out in any way. I am local to Mesa AZ and work in Gilbert. Do you have an idea of what type of real estate you would like to get into? 

Hey Dmitri! I agree with alot of whats been said, different lenders do have different requirements. Have you refinanced within the past 12 months? TX has some specific guidelines if you have, and you would most likely need to wait 12 months to pull any cash out if you have pulled out cash previously.

Feel free to message me if you have any questions! I am a loan officer and licensed in TX. I have done plenty of cash out loans there. 

Hey Raysa, I agree with alot of whats been said. Adding solar will hurt your debt to income ratio, and it will also make your home to sell down the road. It may seem backwards but it closes the door to more potential buyers as not everyone is interested in them. Feel free to message me if you have any further questions!

Hey Murray! I agree with alot of what the other posts have said. First you need to see what you could qualify for and what your monthly payment would be and then see how much you could rent that house out for. Keep in mind the cheaper the house, the more likely you will need to spend money on repairs and fixing it up. I am a licensed loan officer in TX. Feel free to let me know if you have any questions!

Hey Danny, it would be best to first speak to a lender and see what you qualify for with your current income. If you cannot qualify for the home you desire then you and the lender can put together a game plan to see how much you would need to make in order to get the house you would want. I am a local lender in AZ and would be happy to help answer any questions you may have. A conventional or FHA loan would be best for what you are trying to do.

Hey Noah! Have you thought about house hacking? I think this may be one of the best ways for a college student to get started in real estate. There are down payment assistance programs that can cover the down payment, the problem is that they can give you a higher interest rate and end up costing you more in the long run. 

First time homebuyers can go as low as 3% down on a primary residence on a conventional loan for a primary residence. You could also go as low as 3.5% on an fha loan for a primary residence, it could also be a multi unit home. 

Feel free to let me know if you have any questions, I am licensed in TX and would be happy to answer any financing questions you may have!

Hey Kenny, what state are you in? I can do home equity loans on investment properties depending on the state. Feel free to message me. 

Hey Ethan! This is an awesome post. Congrats on serving your 2 year mission. I just hit my 10 year anniversary from when I first began my 2 year mission serving as a missionary in New Zealand!

The best advice I can give is to get a w2 job with as a high a salary as possible to help you qualify for an FHA loan. You don't need a 2 year history for a loan, but if you are planning on going the self employed route, or a commission based job, it will be more difficult to show established income vs. a salary job and you would in most cases need a 2 year history of it.

I have some real estate connections in Idaho that may be able to help you get started on your journey. Working with an investing minded realtor with experience can really help when it comes to most of the questions you have.  I am also a licensed loan officer that covers Idaho. I'll message you. 


 

Good luck on your journey Austin! Let me know if there are any lending questions you may have. I am licensed in Florida. 

Hey Alex, you can only go 3% for your first primary residence, but if you were to live in it for a year and move, you could do an fha loan and it would be 3.5% down if that was your new primary residence. Feel free to let me know if you have any other questions!