Profile picture for mcotrone87

First Time Buyer

Hello,

My name is Mike and my wife is Leyla. We are wanting to buy our first starter home as a rental investment property. Something less that 100k, prefer something small that we can put a 10$k down payment or less and receive competitive APR on a 15-20 year fixed rate loan. 
My current credit score is 727, and it is improving and I am monitoring it on the Transunion website. My wife is a new US PR and has no credit rating as of yet, although she has been added to my credit cards and now has a secured mastercard.
My income is a bit more complicated. I work as a Teacher in China and I am the beneficiary of a Trust fund. I make about $40k a year. 

Any information would be appreciated.

Thank you for your time,

Mike
  • March 08 2014 - Hot Springs
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Answers (2)

Best Answer

Profile picture for Tammy Hartman
Mike,
Just from what I am reading, you should be able to qualify for a loan. Find a loan officer to help preapprove you for the home loan. Check with local banks, credit unions and/or mortgage companies. I recommend that you talk to more than one so that you can compare rates. Once you have the ball rolling on the preapproval, do some research- use the "find a pro" tab here, and find a buyers agent in your area. They can do a search for you based on your criteria and guide you through the entire process.. 
Best of luck to you!
  • March 08 2014
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We would need more details about your background and finances, but you can likely qualify for some type of loan. One of the first steps to buying a home would be to speak with a lender that best fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 11 2014
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