Getting pre-approved for a loan

[Cedric Brenneman]

Hello all,

I am currently looking to get pre-approved for a loan to buy a single family house so that I can live in one room and rent out the others to help pay off the mortage and eliminate my living expenses. I have roughly $30,000 in savings but don't have a consistent history of making income as I am a senior in college and haven't had a typical 9-5 job. My credit score is around 760 and I feel that I have plenty of money to make a 3-5% downpayment(most houses I'm looking at cost between $150,000-$200,000) as well a good amount of reserves incase stuff were to go wrong, however I haven't been able to get approved by any of the lenders I've spoken with because I don't have a cosigner and don't have a contract that I can give the lender proof of how much I will be making straight out of college because I am doing an internship where I won't be getting paid for the first couple months. Does anyone have any ideas for what types of loans I could try to get preapproved of so I can purchase a single family style houses and rent it out room by room straight out of college rather than waiting for awhile until I have a job with a steady income?

[Matthew Kwan]

Since you haven't received a job offer letter yet, which you can still use that letter to qualify as you income. The letter must state that you will be for company X and will be paid $X. However, if you are trying to get preapproved right now while you're still in college, lenders would view you as a self employed earner and use your tax returns 1-2 years to qualify accordingly.

@Carlos Valencia @Albert Bui