Your 662 FICO score is pretty good, actually, but the bigger problem for you in getting conventional financing will be the lack of INCOME!!
Without any income all you would qualify for would be a no-doc, no income verification loan. Those are available with your credit score but you may not be able to get a high enough LTV to buy anything with the amount of money you have to put down.
Why not look into doing some other strategy that does not require you to use conventional financing - lease options, subject to, etc??
You can find all sorts of info on this site for FREE about all of these techniques.
Hi all!!! I am 22 years old and just graduated from college with an Information Systems degree. No tech companies seem too eager to hire at the moment so I am going to give Real Estate Investing a try.
I guess my question is what kind of financing options would I have with a 662 FICO Score??? I have $3,500 that I can barrow from a credit card if I need to (small down payment). Will lenders be to give me a mortgage loan for my first home purchase at age 22? And are these good enough funds and credit to get me rolling on the REI ball?
Some debts I have include a $2000 credit card bill on another card, and $10,000 in student loans which I dont have to make payments on for another three months. If these things even matter, I don’t know.
Are their other options that I have or special programs in terms of financing, using these numbers.
I am learning a ton of stuff free on this site which is great!!! Thanks for any feed back you provide. -Jay
662 FICO is fine, but as Nate pointed out the monthly income may be a problem UNLESS you are finding fabulous deals.
Look for deals wayyyyy below market value and then deal with a) hard money lenders in your area and/or
b) small, local banks in your area. talk to the folks in the commercial lending dept. and don’t talk to any joe shmoe…talk to maybe the vice president, etc. of this dept. so far i found 2 local banks in my area that are willing to work with me.
The first bank gave me a loan and i had like a 650 fico score, no job and no money, but i was getting the property at 50% of it’s value…so find some good deals and you’ll get the money you need for them.