bowtye2, Other/Just Looking in Elk Grove Village, IL

I am a full time student. My credit score is good and I have money for a down payment. Is it possible for me to buy a home?

Asked by bowtye2, Elk Grove Village, IL Thu Sep 12, 2013

I don't have a full-time job.

Help the community by answering this question:


In order to get a loan for a house you will need income. Lenders will also ask for proof at least two years of income. Although your credit score and down payment is there, the income is an important part that lenders look at when you apply for a loan. It doesn't hurt to talk to lenders anyways so I would still recommend that. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes Thank Flag Link Wed Feb 19, 2014
You will need to have a stable income so maybe once you get a full time job we can help you out. You could also look into getting a co-signer. When you do this we can help as we deal directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes Thank Flag Link Tue Oct 8, 2013
Income is a large factor when it comes to qualifying for a loan; as well as your credit score and money for a down payment. In the past, you may have qualified for a loan, but nowadays, you will typically need to show at least one year of steady employment and income.

Also, any debt you have will adjust how much home you qualify for, as the lender will take into account your DTI - debt to income ratio. Keep in mind that there are also closing costs, and additional items you will need to pay for such as an appraisal, home inspection, and home warranty that are in addition to your down payment.

If you are serious about purchasing a home in the near future, I would recommend speaking with a lender to make sure you are doing everything you can to be ready to buy as soon as possible.

If you have someone with an income who would co-sign with you, you might be able to get into a home sooner than later. Then once you are established, you could refinance and qualify for a loan on your own.
0 votes Thank Flag Link Fri Sep 13, 2013
Hi, you sound like you're well on your way to home ownership, however, you will have to have income to support the loan you may need or ave a cosigner. So, the amount of you're down payment and Loan matter. Contact me if you want to discuss specifics.

Rick. 630-826-9673
0 votes Thank Flag Link Thu Sep 12, 2013
You will need income or at least a cosigner with income.
0 votes Thank Flag Link Thu Sep 12, 2013
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