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downpayments

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lucagirl Guest	Posted: Mon Aug 22, 2011 5:09 am    Post subject: downpayments Like 0 Dislike 0 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. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 22, 2011 7:39 pm    Post subject: Like 0 Dislike 0 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

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