Some background... I am 23 years old and looking to get into real estate investing in Nashville, TN. I figured I would just start with one property and get the ball rollin'! After working with an awesome realtor who helped me out with the whole process I am now two days before closing and my loan was DENIED... The reason was because I haven't been with my current career for 2+ years and they couldn't accurately tell what I make, even though I explained that I am just out of school.
I explained my financial situation before making an offer on a home to the lender who told me that it shouldn't be an issue at all, and he even pre-approved me and everything.
We have already had to push back closing a week, so the lender could get more documents from me and plead my case.
Two days before closing and I am not sure what to do. I am feeling a bit discouraged about the whole situation. I was really looking forward to getting my first property!
Should I try and rush and go through this whole process again and find a lender that will approve me, or should I take this as a realization that I need to step away from this deal?
Do I really have to wait 2+ years in a career in order to purchase real estate?
Any feedback would be awesome!
Thanks in advance.
