u/Additional-Jury8030

Hey would like some input first home buyer

I got fully approved on alternative doc loan based

$925,000 house

6.125 rate

25% down

I thought about doing 20% but the rate is 6.3 and I have put extra money 2k because of putting less down

$5040 payment including home insurance and taxes

Just waiting on docs to get signed for closing ( fingers crossed everything going well. And hoping the rate will go down. What happens next though ? Appraisal ?

Biggest concern though is renovation because I don’t want to spend so much money on a house in a year.

Should I hold off and put it on rent ? The area I’m getting it has 2 bedrooms on just one floor house for 3k and barely looks decent