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Updated almost 7 years ago,
Seeking Traditional Lender in Milwaukee, WI
Hello everyone!
I am looking for a traditional lender (bank, credit union, etc.) in the Milwaukee area that would be willing to issue a loan to a couple of college students nearing graduation but not yet having significant income.
This would be a first time home purchase for both of us and we would be applying for the loan together.
We plan to live in the home for at least one year until graduation when full time jobs will allow us to purchase a second and rent out the first.
We make more than enough to be able to afford a mortgage on a home ranging from $80,000-$120,000 and we each have well above average credit scores for college juniors.
The only issue is that we would only be able to afford a down payment of about 4-7%, thus making a portfolio loan or an FHA loan the best option for us currently.
If anyone has any recommendations or knows of any traditional lenders that have worked with college students in a similar situation to ours, I would greatly appreciate some information.
Thanks!