College Student First Home
Hello, I have been reading up on CRE for some time. I am ready to get my first home. I have decent credit (700+) little debt (credit card $1k), and about 2k for cash. My dillema comes in my income. I work part time doing research in my field(EE) and only get about 600/month. Once I graduate my earnings prospect is about 50k around here. I am going to be doing the deal with my girlfriend who makes about 800 in part time job as well. How can we get a modest loan(under 90k) w/o a good earnings history? Thank you, and we are open to all creative ideas...
Look at the lenders on this site. There are some that dont require you to verify your income, but of course they have a higher interest rate.
Ryan
Try talking to a lender about obtaining an FHA loan - they requirements are less stringent than a conventional loan. I went through Wells Fargo to obtain my first home and it was with an FHA loan - 1 yr adjustable with a 4 1/4 rate and a 9% cap - 30 years amort.
But the nice thing is it can only go up by 1% max per year. I don't plan on being in my current home more than three years anyway so in three years my adjustable rate can be a max of 6 1/4 - which is what the fixed rate would've been. Money in my pocket!
You might need a little more in savings to qualify - consider a small note from a family member. But at least talk to the lender to find out what your options are - lenders are great b/c it's free advice over the phone. The more lenders I talked to, the more I learned.
Sounds good. I just walked into my credit union and they said they want $50 for an application fee but I guess I will call around and ask questions. Good ideas and thank you.