Debunking Down Payment Myths and Exploring Loan Options | 12min snip from Real Estate Rookie

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409: Fundamentals of Funding: How to Get Approved for a Mortgage (Step-by-Step) w/Jeff Welgan

Real Estate Rookie

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Debunking Down Payment Myths and Exploring Loan Options

This chapter delves into misconceptions about down payments for mortgages, explores down payment assistance programs offering up to 105% financing, and discusses a specific nationwide program enabling up to 101.5% financing. It also covers the annual move-up strategy for investors, the role of loan officers in post-Great Recession markets, and the process of obtaining loans with an LLC instead of a personal name.

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Knowing how to get a mortgage is a crucial step in your journey to buy a rental property. Of course, the money side of things can be intimidating. How do you find a lender? What type of mortgage do you need? When should you get a preapproval? You likely have all sorts of questions…and we have answers!

Welcome back to the Real Estate Rookie podcast! In part two of our fundamentals of funding miniseries, certified mortgage advisor Jeff Welgan joins the show to share his lending expertise and equip rookies with some golden financing tips. In this episode, he debunks some of the most common misconceptions about real estate lending and shares some of the biggest red flags to watch out for in a lender.

But that’s not all. Jeff will show you an EASY way to build an entire portfolio with very little money—a lesser-known strategy that allows you to use down payment assistance programs and first-time home buyer loans to your advantage. Jeff also talks about the biggest differences between conventional and non-conventional loans, what to expect during the underwriting process, and where he expects mortgage rates to be in the not-so-distant future!

In This Episode We Cover:

The EASY way to build your rental portfolio with low money

The mortgage approval timeline and what to expect during the underwriting process

How to get 100% financing (or more!) with down payment assistance programs

The biggest red flags to watch for in a lender (and key questions to ask!)

How to get a first-time home buyer loan (even if it’s NOT your first property!)

The most common misconceptions surrounding real estate lending

Conventional loans versus non-conventional loans (and which one YOU need)

And So Much More!

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