All Forum Posts by: Mali Rupp-Musser

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 :) 

Hey everyone, 

First of all hello! My name is Mali and I am a 20 y/o CS and finance major. I'm new here. I have some questions about getting started and advice on the plan I have drawn up so far. 

I don't have enough for a down payment yet, so that will happen over the next year or so. 

My question is, what do I REALLY need to qualify for a 75-100k loan as young as I am? My income is cash only, so should I be depositing everything I can as proof of income? Side note: the income is not from a business I own either, I'm an exotic dancer. Not sure if that changes how I should approach it. 

What do mortgage brokers look at for tax returns? Credit score? 

I want to make sure my finances look as solid as they can when I go to apply in a year to two years. 

In addition, if anyone has any other personal advice for me related to the type of property I should buy first, strategies, or even just their own personal story of starting out very young, I would love to hear it! I'm constantly reading books and articles but it's always interesting to hear difference in opinions from people I have real contact with. 

Thank you for your time!