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Updated over 6 years ago on . Most recent reply
![Macy Stevenson's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1088062/1621508682-avatar-macys1.jpg?twic=v1/output=image/crop=1134x1134@619x567/cover=128x128&v=2)
Qualifying for a loan
I could use some advice. I turned 18 in April and shortly after become enthralled with real estate investing. I currently work part time, 15 hours a week at 9 dollars per hour. Since I've turned 18 I've been working on increasing my credit score, so it's has a age history of about 3 months, with my Trans-Union score around 700, and the Equifax around 670. In my research to learn about real estate I discovered that you have to make a certain amount and have worked for a certain amount of time (around a year i think I read, I've worked at my current job for a year but it's part time) to qualify for a mortgage, my questions are=
Do I HAVE to get a full time job and work at it for a while before I can fiance my first real estate investment, is there no other way? I go to college full time so it's just another thing I'd rather not have to do unless absolutely necessary.
Because of my measly hours hours I don't make a big paycheck, so I'd probably have to use a FHA, USDA, (Or whatever other loans with low to zero down payments that are out there that I just haven't learned about yet). If there is a way to qualify for one of these loans without getting a full time job (using my decentish credit score that i don't even know will even be countable for example) what would be the best loan to use, or at least what are some of them?
Will banks/lenders count my credit score as it is now (or in a few months) as legit and credible even though it's so young?
The ideal scenario is to take out a loan that doesn't require me to reside in it, since I'm happy living with my mom till i graduate, but also with a low down payment percentage.
I know this was kinda all over the place, I got a little discouraged when i learned I was going to have to get a full time job and wait a year into that job for my first investment. So i figured I'd interact with the community even if it was just asking for advice.
Most Popular Reply
![Caleb Heimsoth's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/634692/1621494300-avatar-calebh9.jpg?twic=v1/output=image/cover=128x128&v=2)
The downpayment is just part of the puzzle. The other part is paying the ongoing mortgage payment which at your part time job is difficult.
Enjoy college, get good grades, have fun. REI will be here when you graduate