I am looking for a traditional lender (bank, credit union, etc.) in the Milwaukee area that would be willing to issue a loan to a couple of college students nearing graduation but not yet having significant income.
This would be a first time home purchase for both of us and we would be applying for the loan together.
We plan to live in the home for at least one year until graduation when full time jobs will allow us to purchase a second and rent out the first.
We make more than enough to be able to afford a mortgage on a home ranging from $80,000-$120,000 and we each have well above average credit scores for college juniors.
The only issue is that we would only be able to afford a down payment of about 4-7%, thus making a portfolio loan or an FHA loan the best option for us currently.
If anyone has any recommendations or knows of any traditional lenders that have worked with college students in a similar situation to ours, I would greatly appreciate some information.
Have you tried UW Credit Union? They have branches on UW Campuses and work with students all day. I haven't personally gotten any loans through them. Good luck!
Contact Mike Pogorelic at the bank of Oakfield. He may be able to help.
PM me and I can get you a list of lenders! I have one guy in particular that I think would be able to help A LOT with his loan programs!
@Kyle Lefel You have both options available as long as you loan scenario fit in guidelines. Conventional with 3% down payment and FHA 3.50% down payment.
Check with local banks and credit unions. Waukesha State, Equitable and Great Midwest are all good choices for your situation but I agree with Max---try Educator's CU or UW CU. I have not worked with Mike but there is a discussion on Brew City and it sounds like he is pretty flexible.
Thank you all for the input!
I will try some of the recommendations and post an update soon!
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