Can I get approved for a mortgage?

[Isaac Green]

Hello Everyone!

I am looking to acquire my first investment property (preferably a buy and hold). I live in Los Angeles where real estate is REALLY EXPENSIVE! I am a 22 year old, full time student with no source of income. However, I was wondering if it’s possible to get a mortgage using the future estimated income from the property . Please let me know if and how this works. If not, how can I go about getting approved? Should I move out of Los Angeles and start out in a cheaper market? PLEASE HELP! Thanks for the advice in advance.

[Jon Schwartz]

Originally posted by @Isaac Green:

Hello Everyone!

I am looking to acquire my first investment property (preferably a buy and hold). I live in Los Angeles where real estate is REALLY EXPENSIVE! I am a 22 year old, full time student with no source of income. However, I was wondering if it’s possible to get a mortgage using the future estimated income from the property . Please let me know if and how this works. If not, how can I go about getting approved? Should I move out of Los Angeles and start out in a cheaper market? PLEASE HELP! Thanks for the advice in advance.

 Isaac,

First off, you credit score is high enough to quality for a mortgage, so congrats on that! That said, you'll want a higher credit score, above 740, to qualify for the best rates. So google "how to improve my FICO score" and practice what you learn. One big tip: pay off your credit bill in full every month!

The bad news is that you won't qualify for a loan without any income. Sometimes a portion of the estimated income from the property can count toward your total income, but it won't be enough to qualify the whole loan.

If I were in your shoes, I would work on my credit, save as much money as I can, and continue the education. As soon as you get a job out of school, you can qualify for a mortgage!

Good luck!

Best,

Jon