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Updated about 3 years ago,
Getting mortgages without income
Hello everyone,
I am a total newbie to RE investing, but I have a quick question. If I have money in my savings I inherited (around 200k USD), 100,000 in student loans, and no income, can I just buy a property (maybe using cash-out refinancing), and keep on getting more mortgages on multiple properties with almost no income? Or will lenders not approve me due to lack of income? I have a long and great credit history, close to 780 across all three bureaus. My goal is to use the money from the property to pay for my student loans if I decide to attend graduate school.
If income is required, I can start working while in school and have a net income of about $50k after taxes.
Thanks,
Shivam