All Forum Posts by: Virginia F.

Hi @Virginia F. I wish you luck on your journey, and welcome to Biggerpockets. I wanted to chime in that I live in NJ and can confirm in fact that an FHA loan can be used on up to 4-Familiy Residential Property. That is what I did. See below blog article and check out others like it.

https://www.biggerpockets.com/renewsblog/2012/11/0...

Thank you!

I am asking the lender because they stated in the letter as a condition it has to be single family, if not I would have to put 20% down :(

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Originally posted by @Naeem Boucher:

Virginia F. You can use an fha loan or multi families.

Thanks Naeem.

Even when the letter clearly stays Single Family house as a condition?

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Originally posted by @David Dachtera:

@Virginia F.,

You were pre-approved for that amount, but it assumes your current level of income and suitable collateral - a home worth at least that much in resale value or maybe even 1.25 times that amount.

See what you can get on a "signature" loan - unsecured, possibly an open revolving credit line. Take THOSE funds out, season them in a personal savings account - I'm thinking 90 days, minimum, but possibly longer - THEN see what you can do with those funds.

In the meantime - while the money is "seasoning" - learn how to attract and engage private lenders.

Good Morning David.

Many thanks for your answer, I am still researching about your suggestions, I am not familiar with the real estate business at all, I just started seeking for help and recommendations. I really appreciate your response.

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Originally posted by @Tiffany S.:

There are ways to buy a house with no money down. For example in VA i used the VHDA program. Not sure whats available in NJ. A lot of investors start with a duplex/triplex and rent out the other portions of the house for rental income. I am assuming you would need to live in the property.

You could also purchase a "fixer upper" and use the FHA rehab loan. There are many different possibilities. Good Luck!

Hi Tiffany!

Many thanks. In NJ we have FHA but it is only applicable to single-family houses. That is why I was thinking to buy one within the $100k and rent it. Also I was thinking about a 2 bed apartment.

I will research about the FHA rehab loan as well. Is it difficult to get the following loans approved. I am just asking because they pre approved me for less money since I have 2 cars under my name, I was guessing then how would I get more loans after this one.

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Hi all!

I was almost about to complete the American Dream (actually have 2 leases and some credit cards) and just the house was pending.

Then, I was feeling sad and demotivated about the life I’m living versus the life that I want to live and I started googling: How to make money from home and its derivatives…that’s when I found this useful website!

I don’t want to be tiring, I need your advices because when I was looking for homes to move in I got pre-approved for a $100k loan (I’ve save $10k but don’t want to expend it in Down payment *yes, I bought the book*) . Passaic / Newark / Paterson NJ area are expensive and taxes are high, but anyway I think I could use this first loan to invest in a house and rent it having a little or big profit to start with something.

What do you guys think?

Thanks in advance, Virginia

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All Forum Posts by: Virginia F.

Virginia F. has started 1 posts and replied 5 times.

Post: $100k pre-approved / I don't want to die in a cubicle

Post: $100k pre-approved / I don't want to die in a cubicle

Post: $100k pre-approved / I don't want to die in a cubicle

Post: $100k pre-approved / I don't want to die in a cubicle

Post: $100k pre-approved / I don't want to die in a cubicle