Buying condo, paying mortgage with student loans? Qualifying with no income?
by Mortgage Rates on Saturday, October 30th, 2010 | 4 Comments
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With the credit situation being what it is you will be hard pressed to obtain a mortgage loan with no two-year history of steady employment in the same line of work. You will also not be able to claim any rental from a second bedroom as this would be an illegal occupancy and would not count towards your income. You need at least two years uninterrupted work history in the same field in order to qualify for a loan. As it is you do not have it, therefore no mortgage. You will need to rent for at least two more years.
You have a serious problem qualifying for a loan without verifiable income these days. Your student loan money is not income! It is borrowed. Rental income will be seriously discounted in the income equation & is not enough to help you qualify for the mortgage.
Yes, it can make more sense economically to purchase a 2 BR condo and rent out one BR to a fellow student. But you must have a job and income to qualify for a loan. Can you work more for the company you have been working for over the past couple years? If you did that, then talked to the bank, perhaps with good credit & big down payment you could swing the deal.
don’t buy a condo buy something with a little character for god’s sake…not something stamped out with a cookie cutter
You will not get a loan under those circumstances. Nor should you.