No Income/Excellent Credit Score Loans

[Hannah S.]

Hey, ya'll. I am a total newbie into the real estate investment world, but my passion for it has been growing over the last several years. I have done ample reading and research, but am fully aware that my education is no where close to where I want to be. Like most, my interest got kickstarted from Rich Dad Poor Dad. I’ve also read Napoleon Hill, Brandon Turner, and Gary Keller.

I am interested in purchasing a single family home to live in for my junior and senior year at college, and then use it as a rental after moving to a larger city for a job. I receive monthly payments from a personal injury settlement, but because this does not count as income, I don’t believe I can get approved for a regular home loan program even though I have an excellent credit score and some cash for a down payment. Please correct me if I’m wrong about this. I’ve also read about some creative financing options from Brandon Turner - hard money and private money - but my understanding about these groups are still fuzzy.

Are there currently any reliable and vetted mortgage brokers or portfolio lenders for low/no-doc loans? I’ve been having trouble finding them. I’ve done some Google searches, but the results have typically only been education versus what actual lenders exist.

Also, what questions can I ask to better ensure a low/no-doc loaner is safe and reliable?

Cheers!