I am in a pinch and need YOUR help.
For a quick intro, I am new to real estate. My father and I own two properties - via inheritance - one in Washington and one in Arizona. For both places, I was able to successful flip and rent within a span of two months. Everything is smooth sailing.
However, now that I graduated college, I entered the workforce, placed an offer on a property yesterday, and am now awaiting answer. All is good, right?
Yesterday, I got word from the mortgage lender that I actually wont be able to be qualified to borrow a loan, though I make a decent salary, have plenty of money saved up, and have two income producing properties already. The lady said that because the job I am working now is not "degree related", that I need at least 2 years of professional work experience to sign on my own. That is not an option.
So, now, here is the pinch. The only way to qualify for a loan is (a) have a parent co-sign, or (b) work a better job which is "degree related".
Option (a) is not a choice because both parents are about to retire and are fearful of signing anything with the bank again. So it looks like option (b) is the only realistic option to pull this deal through if my offer gets accepted.
So here is where I need your help BPer's!
-- What job(s) do you recommend me to pick up in the mean time to qualify for a loan of my own.
-My two degrees are in Political Science and Business Economics -
- Note, I am currently looking into property management, but since I technically already property manage two places, I think it would be a conflict of interest. Also, all the places I have looked at so far require at least 5 years of professional property management experience to qualify... Which I do not really undestand.
Please help!!! Thanks!
I have never heard of this. How long have you been working? You will need to show two years of income go qualify with... but your job/ degree shouldn’t matter.
Have you asked another finance company?
Sounds like you have a lot of good things going on. 2 rental properties with your pops, a college degree, a good job, about to get another house. Way to go!
Keep in mind; you got rejected from "a" mortgage lender, not "the" mortgage lender. There are a lot more out there. I'd suggest you shop around with some other lenders. I've heard of people going to a dozen or more. Keep this learning in mind and be ready to justify why your job is degree related (it's very subjective). Even if you can't get around that one, there are other types of loans as well. The same banks also have in house financing, which doesn't need to comply with certain rules. These rates are usually a little higher, but usually not significantly.
Be aggressive; don't let the first "NO" knock you down.
Good Luck Adam!
Call a different lender...
Iv helped many new grads purchase right out of college. Name a degree related job for a history major....
@Adam Carl Birgenheier You can always look for another lender to work with to see what other options you have. Good luck!
How did the lender know your major? I do not believe that is a part of mortgage application.
Agreed with those above. Time for a new lender!
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