Financing in Los Angeles>Question Details

Caleb Chambe…, Renter in Hesperia, CA

What if you are a college student looking for a home?

Asked by Caleb Chambers, Hesperia, CA Sun Mar 2, 2014

Help the community by answering this question:

Answers

10
It's fine If you are a young person as long as you can qualify for a loan. If you have a good work history and income and you have saved for the down payment, it's possible for you to own. You might find a home is too much maintenance, in which case you can consider condo's. Condo's are a common first step for first time home buyers.
Best of Luck to you!
0 votes Thank Flag Link Mon Jul 14, 2014
Hello Caleb, your qualifications will be determined by your credit profile, debt to income ratios, fico scores and how much you want to invest into the down payment and closing costs. You may qualify with one month paystubs after graduating with a degree.

You may qualify FHA with NO FICO scores with alternative credit such as rent, car payment, cell phone, car insurance, utilities, etc. It only takes a few dozen questions to qualify and go over your options and email you listings to study and compare too. Here are some blogs to study such as First time homebuyer, Which loan is right for me, Down payment and closing costs and Pre-approval in minutes.

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/fi…

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2012/12/ar…

http://www.trulia.com/blog/under640ficoscoreloans/2013/12/pr…

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Sun Jul 13, 2014
typical situation for college student: parent buys the home for them and sometimes puts them on title.
More information? Here's my contact information:
- Al Rodenburg, Sr. Mortgage Loan Officer/CMPS certified/NMLS# 272775
al.rodenburg@flagstar.com (281) 236-5743
FLAGSTAR Bank - lending in all 50 states
0 votes Thank Flag Link Sat Jul 12, 2014
Hello Caleb,
.


Sounds like you are looking for a home to rent. Many landlords rent to college students.

If your income alone is not enough to cover the rent, consider getting roommates. If credit is an issue, you can ask your parents to co sign.

Most colleges have listings of rentals. I would check at the student union to see if any rentals are posted.

Keep your head in the books!

I wish you all the best.
Kawain Payne, Realtor/Notary
0 votes Thank Flag Link Mon Mar 3, 2014
Caleb, your parents or another income earner with good credit will need to co-sign a rental application and agreement in order for your application to be taken seriously. Best wishes and save on the side if you can to be able to eventually buy a home. I know one person who after college, worked and saved enough for a down payment, and bought a house. He then got room mates to help make the payments instead of making them on his own. By the time he got married, he had built up equity, his income had improved and didnt need roommates.
0 votes Thank Flag Link Mon Mar 3, 2014
You need to have credit and income just like anyone else looking for a home. If you have a cosigner that would help since I assume you do not have a full time job being a college student. Email me if you have any further questions.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Mon Mar 3, 2014
This is why college students should be nice to parents and family! You other option is to find a sublet with other students in a house. Often you can find those on craigslist. And remember that besides building credit, you should also remember that you want to be able to get letters of recommendation from prior landlords and teachers.
0 votes Thank Flag Link Sun Mar 2, 2014
Most college students dont have credit at all especially if they are 17. How can college students still get apartments without good credit?
0 votes Thank Flag Link Sun Mar 2, 2014
It all depends upon your income, debt and credit. You can buy a home if you meet loan requirements.
0 votes Thank Flag Link Sun Mar 2, 2014
It's really not clear here what you are asking. Are you trying to get financing to buy a home? If so, you do need to have income, assets, good credit,...and go through the mortgage application process. Not many college students qualify for mortgages unless their parents help them.
0 votes Thank Flag Link Sun Mar 2, 2014
How do college students get apartments with bad credit? Especially if the student is 17 and not old enough to apply for a credit card.
Flag Sun Mar 2, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer