Was wondering if I would qualify for a home loan and how much percent they would want me to put down?
Well my situation is, no stable job history, but I have a disability check. My criminal record isn’t perfect. But pretty soon I get a trust fund and aloooot of cash.
What I wanted to do was either buy 10 cheap properties with 10% down (best case scenario) or 5 with 20% down.
The idea is I’m going to make income from renters.
Forgot to mention, my credit is perfect.
What are the chances I could get the loans for 10% down? What kind of interest rates am I looking at? Since I’m using the properties as a business, do I get a regular mortgage or go through a business loan?
I like the idea of living in something with more units for the better rate.
This brings up another issue though. monthly payments would be more than twice what I currently make, even though once most of the units are occupied I would be making money. How does this come into play? Also, my father can cosign and he makes plenty of money.