As a full time, 25 yr old student, I am tired of throwing money away on rent. Currently, I pay my rent with my financial aid, as do most students. My credit is excellent. In the town where I go to school, you can buy a home for $40,000. I have the down-payment. Is there any loan that I could qualify for. Oh, by the way...I don't work, so that I can keep my 4.0. (yes I know that this will hurt me.) Any advice you could give would really help.
2006-08-05 12:21:16 · 2 answers · asked by DebEgirl 3 in Business & Finance ➔ Renting & Real Estate
Yes, there are mortgages for people who have no income..
It is called a no documentation loan...
The rate will be slightly higher, and it has harder qualifications... The programs were designed for people who either are independent business owners, and dont claim enough income on taxes to quailfy..(although they make the income, they just dont claim it all on taxes)
Or, people in your exact situation.. Currently in school, and aren't earning income.. The investor or lender realizes your schooling is a personal investment to earn a more then average income.. This is why they WILL lend money to you!!
There are a few stipulations to qualify though...
Do you have 24 months rental history? Were you in good standing?
Your credit is also a huge factor in determining what you qualify for...
Being that you have student loans, chances are you have decent credit established.. As long as you dont have major delinquincies you shouldn't have any problems..
My name is Jason Fry, i work for Providential Bancorp, a nationwide mortgage lender.. I am licensed to originate mortgage loans in almost every state, and would be happy to assist you in purchasing your first home..
What you need to do is figure out what you qualify for.. Feel free to call me at 312-264-6448, or email me at jasonf@providntial.com..
Just to let you know in n way will you be obligated to anything by calling me.. I am a mortgage consultant, and my job is to give you an analisys and advise you on the best mortgage program..
Look forward to speaking with you!!
Jason Fry
Licensed Mortgage Consultant
Providential Bancorp
312-264-6448
2006-08-05 14:52:30 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Since qualifying for a mortgage depends upon having enough income to make the payments I doubt that you'll get a mortgage without any income.
You might get a no-doc or "liars mortgage" but the interest rate is going to be a killer.
2006-08-05 12:30:59 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋