Show Your Financials: Provide documentation of your personal finances, including income, credit score, and any other properties you own.

Planning to purchase in Phx,Az and surrounding areas, my equifax score is 700, experian 645,no debt whatsoever, have 1099 for 2022 and 2023 (required 2yrs), on my 1099s it says i make 135k per year, do not have tax returns (yea, yea), im planning to first start with my bank wells fargo.This would be my first home and at 1st plan to live in it, possible house hack, going for a -$300k loan. should i go traditional, fha , i plan to be on a fixed rate so I dont get surprises later on.In my situation, what down payment amount do you think will be needed .

I'm working on building my down payment including repairs fund and have a good credit score above 750.I’m interested in buying a property near Kansas City, in markets like Topeka or Springfield, IL, but I’m open to other cities in the Midwest.

Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onHere is my rating & classification for each livability score.80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Hi @Kent FordAs you look for your property here is a good website that can be a good point of reference Areavibes.com it gives you a total LIVABILITY score.  

Even once you get the mortgage current, your credit may still show the delinquent payments, so it could take some time before your credit seasons to a better score.

You'll be so busy working that you won't spend as much, which increases savings.Talk to a bank and learn how to increase your credit score. 630 is not good. 

You don’t have to be as strict as a traditional lender, but it’s wise to check their credit score, employment history, and income stability.Flexible Terms for Stronger Buyers: If a buyer has a strong credit history and steady income, you could offer better terms (lower interest, smaller down payment, longer balloon).Tighter Terms for Riskier Buyers: For buyers with weaker credit, you might require a higher down payment, a higher interest rate, and/or a shorter balloon period.6.

It appears TurboTax (downloaded version/Forms) doesn't have the capability to report an exchange of one residential rental for two residential rentals.I am entering this transaction myself through TurboTax, but I would appreciate feedback from the community on the correct forms that need to be filed.