You Have Student Loan Debt
If you have debt caused by student loans, you may think you can’t buy a home. But, while the process may be a little more challenging, there are ways to get you into your own house. Last summer, we shared some details about student loans and the challenges people with this kind of debt face. But it also included a few practical tips such as raising your credit score, managing your debt-to-income ratio, and getting preapproved.
Your Credit Score isn’t So Great
As you can see, a credit score is a big part of the homebuying process. But even if you have a less than perfect score, you may still be able to buy a house. Again, the process may not be easy, but you may not be aware of opportunities. For instance, there are FHA and VA loans available to people with lower credit scores. In any case, talking with an independent mortgage lender to see what is out there is the best first step.
You Don’t Have a Down Payment
Similarly, there are options for loans that require no down payment, especially for first-time homebuyers. While having a down payment available may open up more opportunities to you, it isn’t always a deal-breaker. You may even qualify for special programs that require no or very low down payments depending on your financial background and other factors.
You’ve Worked Less Than TwoYears on the Job
A big one we hear all the time is the belief that you need to have worked in your current job for at least two years to get a mortgage. Two years of work history will provide an understanding of your stability, but that isn’t the only factor in play. If you switch jobs in the same field with equal or higher pay, it will not be a huge deal. However, if your new job is entirely different or pays a lot less, we may need to discuss your situation in a bit more detail.
To find out how you can overcome these obstacles and more, call GoPrime Mortgage of West Asheville today.
Do you want to know about the process to apply for a mortgage? GoPrime Mortgage in West Asheville is here to help. Call us today at 828-348-1907 –Zachery Adam at GoPrime Mortgage in West Asheville.
