What You Need to Know About Applying for a Home Loan as a Student
The truth of the matter is that the younger you are when you begin your adventure as a home owner, the better off your financial future is going to be! Obtaining a mortgage as a student may seem overwhelming and scary, but it is certainly not impossible. When deciding to pursue home ownership, there are factors to take into consideration:
Proving to a lender that you have verifiable income to qualify for a mortgage will be your first hurdle. Do your parents help you out each month? Do you have a job? Do you receive any type of monthly benefits? All of these things will be considered when factoring your income and, it doesn’t take a genius to figure out that the higher your income the more appealing you are going to look to a lender.
What about your credit score? Because of your age, you may not have enough credit to purchase the home on your own. In that case, if you have a parent or other relative that can co-sign for the mortgage, you may be able to overcome a short credit history.
And, do you have the funds for a down payment? If you don’t, do you have a parent or relative that can gift the money to you? Or, if you do have the money right now, will you be able to source it? That is show where the money came from and how long it has been in your bank account?
So, don’t get discouraged and don’t think that you can’t do this because you can. Call me and let’s talk about your options.