State Specific Question About: MARYLAND (MD)

Anyone who wishes to obtain a loan from a bank to purchase investment property must first clean up their act. Pay off credit cards and stop carring a balance. Show you are able to save money every month and have your accounts grow. Don't buy a new car, don't purchase any large ticket items. Reduce your personal expences and maintain a log of money spent.

AK, A lot of LLs who have been doing this for 10years or more, purchased their properties in a dif market. If YOU are starting out in this kind of market, you really DO need at least 20% down and at least 6mo liquid money to make mortg payments--shd something go wrong. So tho PMH is not diplomatic--his is CORRECT, as is RobertJ. These days when you shop for a purchase loan--you first have to sell yourself--to the lending instution as someone who is stable, conservative, capable, etc. You have to look really good on paper.

Then, first shop at your personal bank--one where they know you(hopefully), where you have had long standing accts. See ythe loan officer. Outline your plan AND exit strategy if necessary. If that doesn't work--go to LOCAL strangers--local banks and credit unions in your city that are NOT branches of nationwide entities.