Posted on: 01st Apr, 2013 12:09 am
I am part time worker and go to college. I want to buy a home for the first time in the next 1 year. What are requirements in case of a first time home buyer?
Hi Kaper,
The requirements remain the same in case of any kind of loan. You need to show a stable income and job history. You will have to have the required down payment - 20% in case of conventional loans and 3.5% - 5% in case of FHA loans. However, as you're a college student, there may be certain relaxation.
Thanks
The requirements remain the same in case of any kind of loan. You need to show a stable income and job history. You will have to have the required down payment - 20% in case of conventional loans and 3.5% - 5% in case of FHA loans. However, as you're a college student, there may be certain relaxation.
Thanks
In addition to the above, you must have low debt-to-income ratio and be pre-approved for the mortgage loan.
I agree. usually, you'll need a good 2 year work history. If you are working part-time in a field you will be working full-time in after you graduate and make more money your odds increase.
The down payment can be from a relative as a gift if necessary.
The down payment can be from a relative as a gift if necessary.
Definitaly check to see how your debt-to-income ratio is. I see this being the biggest issue when a student is trying to buy a home, especially if they paid out of state tuition. Unfortunately, a lot of these students have to wait to buy a home until they have a higher paying job due to lots of student loan debt. Best of luck to you!