Will I be able to qualify for a loan?

8 Replies

I am looking to buy my first investment property within the next two months. I have a 750 credit score, I have a little money saved up, but I have only been working full time at my job for a few weeks. How long do banks like to see proof of income? Will I be able to qualify for a loan anywhere? 

Thanks in advance!


Congratulations on the new job!

Lenders will look at your paystubs and W2s for proof of income. How long have you been in the field? As a rule of thumb, lenders like to see you be in the field full time for about 2 years

@Cameron Johnson if you're looking for a residential loan you may need a co-signer if the lenders don't accept your internships. You can also ask about a commercial loan, which focused more on the investment property and less on the property owner. 

Call as many local or regional banks as you can find. They each have slightly different guidelines. 

Hey @Cameron Johnson serious answer get off this forum post and call 10+ banks and find out. I got a loan before I graduated college several years ago with my job offer letter. Different banks have different policies. Find one that will work for your situation

Originally posted by @Bradley Padula :

Hey @Cameron Johnson serious answer get off this forum post and call 10+ banks and find out. I got a loan before I graduated college several years ago with my job offer letter. Different banks have different policies. Find one that will work for your situation

 

Hey @Cameron Johnson going off what Bradley said, I am in college right now and have been working towards getting preapproved so that once I graduate in May, I'll be ready to hit the ground running. I have called 3-4 banks, 2 of which said that once I accept a full-time offer, they'll use that to lower my debt to income ratio and get me preapproved. So definitely just call around and see who can offer the best rates.