I do not own the property, i am a newbie investor trying to understand what is needed to basically get a house under a lease with option to purchase contract and assign my position to someone who cant qualify for a loan due to there current position but but are willing to pay a little extra on this lease agreement because they are serious about picking up there credit score and at the end, actually closing on the house.

.- Personal Articles: Coverage for belongings that have a special or collectors valuesuch as Jewelery, Furs, Fine Arts, Collectibles, etc...Your age should not be a factor on the pricing but, depending on the company these other factors may get you credits:- Insurance Score (company pulls certain info out of your credit report)It is not your credit score but generally better credit will result in a better score- Time at your job- Education level- time at current residence Good Luck

Ideally I would like to take out a $45,000 line of credit against my current town house for renovation costs on the current property and down payment on the new property.

My tenants are interested in buying their rental from me but need time to improve/establish their credit as well as save up a down payment.

Credit, experience and liquidity are the determining factors to be approved.

HML pulled our credit and we also submitted proof funds and w2.

We were thinking about fixing our bad credit 1st then once we are at a respectable credit range we wanted to see what we can qualify for?

Ironically, it can be difficult to obtain loans for a property as an agent because lenders are leery of the self-employed with commission income, however, if you finish college, get a good W2 job, and have decent credit, lenders will line up to give you money, assuming that you are going into a field that is in demand.I admire you wanting to start investing at a young age, I wish I would have started investing in real estate in my early twenties instead of misspending my youth on debauchery.

Yes, you will have access to a VA loan with 100% financing, however:This doesn't to you a whole lot of good if you are only in a duty station for a few monthsDepending on your rank, duty station, and other factors, you may be required to live on base at timesVA loans are only for owner occupantsYour purchase price will still be dictated by your credit and income (see first bullet above), andIt can be extremely risky to buy with 100%+ financing at the peak of the market (I say 100%+ because many servicemembers and veterans roll their VA funding fee into their loan, which can leave them leveraged at 102% or more - with negative equity).

Since it would be the first project, hard money might be tough, but we have good relationships with locals contractors and both have solid income and credit.