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Updated over 6 years ago,
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.