Im looking to purchase my first owner-occupied rental property in Ohio. I've only been at my current job for 6 months and never went to college for my career. I have very good credit and low debt/income ratio, but the work history seems to be holding me back. When I went to the bank to discuss a loan they seemed to have no exceptions. Are there private loaners that may be able to help?
@Ben Harhager you can try a Hard money loan.
Keep looking at other financial institutions. I bought my first place right out of college just starting my first job. Look for a place that does 1st time homebuyers programs.
@Ben Harhager Do you have 2 years work history in ANY industry? How many of those are tied to the industry in which you already work? How long are the gaps of employment?
For the past 3 years I've never been unemployed for more than 2 weeks. Im only 19 so my last couple years have been spent going to high school and working a part-time job. My current job is my first full-time job. This is also the first job in my industry. I was just wondering if there were any suggestion on bypassing the 2 ear work history factor. My credit score is about a 785.
Since you are just starting a career, and were in high school, I would suggest submitting for a pre-approval directly to underwriting. It is called a TBD - to be determined. Worse case your denied, best case, they will take into consideration, you were in high school.
Hard money lending was going to be my suggestion. Only thing is if this is a buy and hold not sure hard money lender is going to want to wait that long. Are you planning to sell relatively soon?