Young Person Obtaining a Mortgage

[wildride]

Hi Everyone,

I am looking to buy my first rental property, it is a single family home. I am still in college and don't have a full time job. Is it possible to get a mortgage without having a full time job? I would be putting down 25 - 30% of the purchase price.

Any advice or tips would be appreciated.

[reoconsultants]

Uh yeah!!! 25-30% down I could get you into the trump towers LOL

[Dan732]

As long as it cash flows, why not? And with 25-30 percent down, it better cash flow!

[wildride]

Good to hear.

I have heard otherwise locally, but have not contacted any banks yet.

I crunched the numbers and I should have a positive cash flow in the range of $350 - $600 a month ( Pretty Conservative).

I thought the only way I could qualify is to only ask for less then 75% of the appraised value for the loan.

[Prof9000]

Provided your credit score is good you should have no problem.  Apply for a no-doc loan - or have somone co-sign with you.

[Mdhaas]

Everyone is right.  As long as your credit score is good there are tons of no income verification type loans out there and if your putting that much down it makes it even easier.

Do some shopping around.  Do not give your social security # to everyone that you talk to   Talk w/ several banks/brokers and find someone that you feel comfortable with.