Real Estate Agent · Miami, FL · Member since 2019 · 7 posts · 2 votes
Hi everyone. I am a college student who was on track to purchasing my first investment property (great credit score and savings). I was told by a mortgage lender than as a student I would be eligible if I’ve worked at my job for at least 1 year since I am a student. However, I was recently laid off after 6 months and I’m not sure if I am still eligible to purchase a property by August as I had planned. Any suggestions or recommendations???
@Jeanysha Jean-Baptiste That does make it more difficult but I wouldn't let it stop you. Could you do a house hack instead? a small, local bank would be the best bet. I personally think house hacking is the way to go the first time around. The laws are different and more lenient when the property is owner occupied.
@Jeanysha Jean-Baptiste - I strongly recommend a house hack. You definitely will need a job to qualify for the traditional house hack type financing. If you can obtain a job and your employer can vouch for you that it is indeed a reliable source of income for you, they will likely be accept that! I
If not, don't let this one obstacle stop you. Search for other lenders!