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Updated about 9 years ago on . Most recent reply
Options for obtaining a mortgage shortly after college?
To bring everyone up to par, here is where I stand. I have recently graduated college and accepted a job in my field of study (Residential Property Management). I have been interested in several different properties and wanted to consult with BP'ers before I begin looking at finance options.
I have no student debt, car payments, or any other debt except for rent on my current apartment. 750+ credit score. Properties I am looking at are between $50,000 - $80,000. I am able to put up to $20,000 down but would like to put less if possible. I'm hoping to be able to put down 20% of the purchase price.
Also, if I chose to purchase a turn-key property will I be able to apply 75% of the rent amount towards my DTI ratio?
I guess my main concern is how difficult finding financing will be due to the fact I have less than two years of work experience with the new job and being fresh out of college I feel some lenders will not take me seriously.
Thanks in advance!