So many people think they cannot purchase a home. I wanted to make a post about some situations where people obtained a loan for a home.
A young fellow who has worked for about a year and makes under 12k per year while attending college approached me to purchase his first home. He had around 12 months of credit on his report. Very small credit cards. I tried to put him into an FHA program and the automated underwriter approved his loan.
I also had someone who worked but made under 6k per year. It was hard to get this one approved because they could not afford much of a home. We talked about buying a 2 unit property. You live in 1 side and rent the other side out. This person really wanted to become an investor. Using alternate letters of credit from car insurance and a TV from a rental company it ended up working. They supplemented the income with the 500 in rent from the other unit and it practically paid for the mortgage!
Another borrower had no credit at all. He just graduated high school and worked for 2 years. He had been paying his own car insurance ever since he had a car (24 months) and also had a cell phone for 24 months. The companies wrote a letter stating he paid on time and the underwriter pre-approved his loan.
Buying a home is an investment. Home prices are still rising in certain area's. As you make payments you build equity in the home. So if you think it is impossible think again and talk to someone who has FHA or feel free to talk to me. I offer a free consultation and will pull your credit report to give you tips on how to make homeownership a reality.
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