I am wanting to acquire an investment property in Savannah, Texas. It is a foreclosed 3bd. 2bth. with 1800sq

Asked by Christopher, Little Elm, TX Sat Jan 12, 2008

ft. and only lived in 8 months. The list price is 110k but I would like to purchase at 100k. My main question is, I want to put down 10% and then rent it out for a 3 yrs. then sell. My average credit score is 605. What type of loan and how hard would it be to get one. I also have a primary home that I bought 7 months ago and put down 25%. Also, the home that I would like to buy appraises at 137K. It would be great if you could lead me in the right direction with this. I also have a cushion after down payment of about 7k in savings. Sorry this was so long and jumbled!

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Julia, Home Buyer, Dallas County, TX
Sun Jul 10, 2011
Why do you think Savannah is good for investment?
0 votes
Rob Purifoy, Agent, Plano, TX
Fri Mar 6, 2009
Hi Christopher, you have the right idea my friend. I live here in Savannah and the market is starting to take off with both rentals and purchases. Your concerns would be your debt to income ratio and your credit score. You'd have to make enough to afford both houses along with your current debt load. Secondly, at the moment most every lender wants to see at least a 620 score. It can be done but those two factors will have to be met. Good Luck.
Web Reference:  http://www.robpurifoy.info
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more