Posted on: 22nd Aug, 2011 05:09 am
Hi,
I am very new to this and just venturing to Orlando in next month to, hopefully, purchase a property as an investment. I have been advised that I must have 30% as a deposit, is this the case? Also how do you go about getting pre-approved before you travel? It would be really good to get this sorted so that I knew what price range of proerties my husband and I could view. What documentation is required and can you get your own credit rating? I have a rating in the uk and it is very good but I don't know how that equates in the states. Sorry, lots of questions - hopefully you can help.
I am very new to this and just venturing to Orlando in next month to, hopefully, purchase a property as an investment. I have been advised that I must have 30% as a deposit, is this the case? Also how do you go about getting pre-approved before you travel? It would be really good to get this sorted so that I knew what price range of proerties my husband and I could view. What documentation is required and can you get your own credit rating? I have a rating in the uk and it is very good but I don't know how that equates in the states. Sorry, lots of questions - hopefully you can help.
Hi lucagirl!
Welcome to forums!
Well, as far as I know, you should have a credit report in the US in order to purchase a property here. This will help you in getting qualified for a mortgage. You will have contact the local lenders and apply for a mortgage in order to get pre-qualified for the same. There are chances that for an investment property, you will have to pay a higher down payment.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Well, as far as I know, you should have a credit report in the US in order to purchase a property here. This will help you in getting qualified for a mortgage. You will have contact the local lenders and apply for a mortgage in order to get pre-qualified for the same. There are chances that for an investment property, you will have to pay a higher down payment.
Feel free to ask if you've further queries.
Sussane