Updated over 6 years ago on . Most recent reply
Loan Qualification for 203K
Hey everyone,
I have a question about qualifying for a 203k loan.
I live in Philadelphia, PA.
My credit score is 696, but is only 1.5 years long. No late payments. Made up of 2 credit cards and a student loan.
I am a self-employed 20 year/old and my pre-tax income is $60,000. I have no car loan, just my student loan and credit cards, so my DTI ratio is 18% (900/month in debt payments). I have 20k in savings, will be more like 30k before I would look for deals.
How much could I expect to qualify for/can I expect to qualify at all?
The only person who could possibly co-sign would be my father but I'm actually not sure that his finances would help how I look to a lender.
I've considered an owner-occupied FHA loan but it would set me back another year for investing because I'm currently under a 2 year lease term. I'm looking to buy a small multi-family property to BRRRR, just FYI. This would be my first investment property!
Any other related tips would really helpful and welcomed :)