Profile picture for rireland88

I own a home with no morgage. I want to buy a second house for an investment. I am semi retired so

my income + investments + Social Security is 25000.  What kind of loan could i expect to be able to apply.  My credit score is over 760.
  • May 12 2010 - South Burlingame
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Answers (7)

Boy this would be a good time for you to buy. I always market near by colleges, if there know luck the local social service office should be abel to help keep your houes rented with secton 8 homeowners. There are many whys to be safe. Get your self a team of Real Estate Pros, rates are grate. And learn more then one mortgage product you'll feel safer that way.
  • May 20 2010
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Your first step should definitely be to both your investment adviser and a lending specialist, even if you have to pay for the advice.

Once you're firmly aware of your financial position, you can work with a broker to locate the ideal investment property for your needs.  Take your time and explore all of the options.  It's a big investment and deserves to be treated as such.

Good luck!

  • May 17 2010
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If your income is $25,000, an investment house would occupy a significant percentage of your portfolio.  In my opinion, your first visit should be with an investment advisor and have a conversation about diversification, income, growth and safety. Wells Fargo has some good ones in its trust department, and they don't charge upfront.
  • May 13 2010
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Profile picture for Ofe Polack
Without knowing your financial background its difficult to tell what you will be able to buy.  Maybe you can buy a condo and pay cash for it, who knows?!  You have a great credit score, so approach a lender and see what they can do for you.  I do not like partnerships, but that's just me!
  • May 12 2010
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I agree with Marco, I am partners on three different investment properties.  One with my son, but two others with a non-family partnership.  We compliment each other with our areas of expertise and it's great to have someone to brainstorm with concerning remodels, renovations, maintenance, rents, areas of preference for purchase and more. First, I would check with a trusted mortgage broker (I'd be happy to share some referrals) to see what your loan options might be.  Then, you might consider seeking out a respected friend or family member if necessary.  All the best...
Janeese Jackson, Principal Broker
  • May 12 2010
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This may not be an option for you, but have you considered "partnering" with someone (relative, friend, another investor)?  Together you may be able to go farther than trying it alone. (i.e. 50% of something is better than 100% of, well you know.)

Just my two cents...

Marco Santarelli

  • May 12 2010
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You might be able to get a loan depending on other factors such as monthly credit payments.

A rule of thumb is that no more than about half of your gross monthly income can be spent on all mortgages, credit cards, car payment, etc.

You will have to show a record of successful investment income.
  • May 12 2010
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