I am looking purchase a rental home in Houston. Can I get a loan with 20% down and a mid score of 620?

Asked by MDOL, Houston, TX Thu Feb 21, 2013

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Mike Matthews, Other Pro, Houston, TX
Sat Feb 23, 2013
Yes, you can if you buy the home cheap enough. You would never want to buy any home at full retail value. I would join the Real Estate Investment Club of Houston and learn a few things before you buy a rental home. Alsp NEVER use a bank if you can use a private lender instead. See you are RICH.

I would suggest buying a rental home from a landlord. You can find a good bit landlord that will owner finance the home to you and then you can rent it out
1 vote
, ,
Thu Feb 21, 2013
Yes we offer the program for non owner occupied, 20% down and 620 midscore.

Anna Maria Durr, NMLS 266699, TREC 596662
Codemark Financial, 2626 Richmond Ave., Houston, Texas 77098
281-592-0667, anna@codemarkfinancial.com
1 vote
Al Geffon, Agent, Houston, TX
Thu Feb 21, 2013
It's possible ... but it isn't necessarily the slam-dunk that others state. Virtually all lenders now require a six-month cash reserve for any other properties owned, including one's own residence. I can refer you to two outstanding people who can let you know pretty quickly what would work. Please feel free to contact me.

Regards ...

Al Geffon
(713) 213-6350
Web Reference:  http://www.har.com/algeffon
1 vote
D'Evereaux B…, Agent, Houston, TX
Thu Feb 21, 2013
You should have no problem, there are many lenders that can do that!
1 vote
Tabitha Wils…, , Texas
Sun May 12, 2013
There are many factors to qualifying for a home loan. I suggest going through a lender. It does not cost anything to ask questions right and who better that a professional company. This company can do 580 FHA with 3.5 down. You can send in an application online and have someone get back to you or you can call directly. They can tell you your options and even get you in touch with some great Realtors in your area. They are amazing tell them I sent you. Good luck on your home hunt. I stopped renting and bought a home 6 years ago... It was the best investment I ever made and so much better that my money is going to something substantial for myself and my family!

0 votes
Arnold Richie, Agent, Houston, TX
Thu Feb 28, 2013

Terry Burnaman
NMLS# 284480


give him my name
0 votes
Gail Levin, Agent, Houston, TX
Thu Feb 21, 2013
MDOL as some of the other Realtors have stated, you should contact a mortgage broker, in fact I suggest 2 -3 brokers and get their feedback before proceeding with a purchase. If you contact me at gail.levin@kw.com I will be glad to furnish you with a couple of brokers.
0 votes
Alecia Neuben, Agent, Houston, TX
Thu Feb 21, 2013
I agree, I think you can but a mortgage broker / lender is truly who you need to speak with.
0 votes
Mark H Rogers, Agent, Houston, TX
Thu Feb 21, 2013
The answer is yes most likely, but you need to discuss the specifcs with your mortgage broker.
0 votes
Bobbie Wagner…, Agent, Conroe, TX
Thu Feb 21, 2013
I work with several lenders who can help you. I would be happy to send you the list.
0 votes
Carolyn Wolfe, Agent, Houston, TX
Thu Feb 21, 2013
I have a great hard money lender in Bellaire that can take care of you.
Does everything online and very tech savvy.

Check out my website and send me a messege.
0 votes
Krystal Vill…, Agent, Houston, TX
Thu Feb 21, 2013
I have a lender that can usually go down to 620. I also specialize in investment properties, so feel free to give me a call. Thank you.


Brandon Newton, Master Certified Negotiation Expert

Brandon Newton Real Estate/

Amigos Realty

Cell 713.890.9108

Fax 888.775.8983

If you feel that I have done an outstanding job for you, please

be sure and refer me to you friends and family to make sure

the people you care about are receiving great service as well!
0 votes
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