Key takeaways
- Pre-approval before shopping.
- Document package: W-2, tax returns, bank statements.
- Conventional first; DSCR after property 4–5.
- Down payment 20–25% standard.
- Reserves required by lender (2–6 months PITI).
Core concepts
Pre-approval
Letter from lender — required to be taken seriously.
Documents
Tax returns, W-2, bank statements, asset statements.
Product
Conventional 30y fixed for first investment.
Step-by-step framework
- 1Gather documents.
- 2Apply with 2 lenders.
- 3Compare APR.
- 4Pre-approval letter.
- 5Shop properties.
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Common mistakes to avoid
- Shopping before pre-approval.
- Missing documents.
- Choosing first lender.
Frequently asked questions
Credit score min?
680 for investment.
Down payment?
20–25%.
Documents?
2 years tax, 2 months bank, asset statements.
Pre-approval valid?
60–90 days.
Action checklist
- ☐Documents ready.
- ☐Two lenders.
- ☐Pre-approval.
- ☐APR compared.
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