I am tossing back and forth the idea of getting into a small home, or maybe a duplex and renting out half while i live in the other half… I'm curious what chances I have of actually getting approved for a loan, however.
Details:
I'm 26 and fresh out of school with a graduate degree. I have had a job for about 6 months now at a top 4 global accounting firm. My credit score is roughly 760. I haven't pulled it in about 6 months.
I do have moderate (sub 40k) in student loans.
My past tax returns will show pretty low income levels, as I was just a waiter as I got through school.
Im looking at properties under 150k (honestly closer to the 100k mark, below that in some cases. Starter homes really.)
I'm still building up some down payment money, so I don't want to formally apply and get my phone number on a bunch of lists. I get enough spam as it is…
Are loans pretty tricky to come by when you don't have years of qualityincome under your belt? Or does credit score and current income help out a good deal?
I'm just looking for a general idea on how hard it is in this post-great recession era. Thanks for any advice.
Read more: Chance to get approved for home loan?
