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@waverly I hear you. I moved from a low-ish cost of living area (Jacksonville, FL) to a high-ish cost of living area (Denver) and it took some adjusting. At least with a VA loan you get better rates than most people (using a conventional loan) get, and the qualification guidelines are more...

@waverly It's possible rates could come down sooner than this. We'd need a prolonged economic downturn to get the Fed to not only stop raising rates, but to start lowering them. Rates always go up faster than they come down, it's just the way of things. The Fed rate isn't the main catalyst for...

@waverly I think rates will remain above 5.5% through 2023. Any LO promising a rate drop in the near future is more interested in keeping you on the line right now. If I were you, I'd prepare for 3 years at current rates to be safe.

@matfletch 25% will get you much better pricing (lower rate), so it's worth looking at if you can swing it.

@matfletch You'll need to use conventional financing, and this will be classified as an investment property, so the VA loan will not be an option. This means you'll need 20-25% for the down payment.

@matfletch I highly recommend you buy a primary residence and learn all the ups and downs of home ownership before you start going down the investor path. The reality shows on TV are not realistic portrayals, and neither are all the Youtubers who brag about house hacking.

@kathryn1209 Yes. Find a new lender if they're telling you that you need 12 months.

@kathryn1209 It's 210 days from your first payment date, not six months, until you can close on an IRRRL. Lenders can have overlays, but that's unusual.