All Forum Posts by: Jose Galvan

I want to invest, minimum money down. I currently have an existing FHA loan. And I don't want to move. Any suggestions on my loan type options? 203k I know has Owner Occupancy rule. Chicago Area.

@Bryan Mitchell

That also sounds like a good plan. Thank you! I'll look more into it. Only thing is I plan on staying in my primary residence, where I currently have my mortgage. So I wouldn't be able to use FHA correct? What type of loan would be good for my situation. I figure if I know the type of loan I shouldn't be aiming for. The better I can prepare myself to meet those standards.

@Michael Ealy

Appreciate the insight! Thank you!

I'm looking into investing in my first rental property within the next year or so. Currently have about 15k saved. My DTI Ratio is about 30%. And I'm working on getting my Credit Score higher. Made some mistakes in the past and currently only around 620. But now have no major debt, student loans are in good standing. No car loan anymore. Only one credit card with very low balance and my current mortgage. I'm A little hesitant to jump in right now only because I don't know what to expect. Any Insight is greatly appreciated! Should I start the process now?! Or wait until I build a better financial foundation. Credit, DTI,Downpayment etc...