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Updated about 4 years ago on . Most recent reply

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9
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Christian Kim
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Votes |
9
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Young investor trying to get a loan approved

Christian Kim
Posted

I'm looking to buy a house soon. I have the down payment and all. However, I'm 24 with a credit score of 731. I'm afraid I won't qualify for a conventional loan on my own because I don't have that long of a credit history. My parent's aren't an option as co-signers. Should I get a pre-approval on my credit alone or try to find a co-signer? I didn't want to hurt my credit for no reason. Help an eager young entrepreneur out! 

Most Popular Reply

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682
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Daniel Haberkost
  • Rental Property Investor
  • Colorado Springs, CO
729
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682
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Daniel Haberkost
  • Rental Property Investor
  • Colorado Springs, CO
Replied
Originally posted by @Christian Kim:

Hello, Daniel yeah I just started employment at a Charter school. I make 40k a year. I have my eye on an investment and it cash flows well based off of my analysis. But the loan would be for 400k

Okay, are we looking at a house hack or traditional rental property? 

If we're talking a conventional owner-occ mortgage then you're likely going to be allowed to go to the high 40s% on your debt to income. 

Find a trusted lender (ideally a referral from someone w/ experience in RE), tell them what you're trying to accomplish, have them analyze your financial situation and then they will either tell you:

1.) Yes, you can buy what you want

2.) You can't buy what you want yet but here's where you need to be and how to get there. 

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