Where can I get a mortgage w / good credit, low income?

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I tried to be approved for a mortgage for a while, and I’m really disappointed, I’m good credit, my score is 730, but I’m only 22 and I’m in school full time if I only work 25-30 hours per week, which is not considered complete by the time and my income seem low, but I had rented (never late) for an extended period. If someone can pay the rent and can afford it, why can not they get a mortgage. I do not have a co-signer. Is there anywhere I can get a loan !!!??? I’m not looking for advice on why I should keep renting, (I do not want to be rude, but what happened the last time I asked this question) I’m looking for real answer, people I talked to so far so inconsiderate. One lady told me to apply again after graduating from university and got a job full time. I want a mortgage, I do not understand why I can not get one. I made money, but it does not seem to matter Eben! If anyone knows where I can get a mortgage, please, please let me know. AMD rural development is not a possibility, they said my income was väike.Põhjus why I think I could afford a mortgage because my rent is higher than that of other peoples mortgages, and I know I’ve never been late

  1. Reply
    My Take on It
    April 29, 2011 at 9:09 pm

    You do not make enough money to qualify for a mortgage.
    There is no lender who is going to give you a home loan just because YOU think you can afford it.
    They look at a lot of criteria, not just your FICO score. They look at how much you work and what you make. If you don’t make enough, then there is no loan
    Not sure why you think that is rude. It is the facts of life.

  2. Reply
    April 29, 2011 at 9:29 pm

    I am sorry but you are not qualified to buy at this time. No one in this country if ENTITLED to own a home, it is a privilege for those who qualify. Sorry but those are the facts. I suggest you keep saving money towards your down payment and closing costs, until you are working a full time (35-40 hours a week) job. Oh as for asking someone to co sign for you, consider this, if someone does, YOU risk their entire credit history and foundation should you miss one payment. They are liable when they co sign. While a default affects your credit as well, would you really ask someone else to risk theirs because you don’t qualify right now? I won’t co sign for anyone and I wouldn’t ask anyone to co sign for me.

  3. Reply
    April 29, 2011 at 10:01 pm

    I think that the biggest problem here is the fact that you 1. still are student, 2. do not have full-time job.
    You won’t get a mortgage unless you can prove the lender that you can afford to make the payments. Also, they will check your income to debt ratio.
    To determine if a prospective buyer can afford a mortgage lenders have their formula: As far as I know – monthly cost of owning ( principle, interest, property taxes, insurance) should not exceed 28% of gross monthly income. Also, the payments on all long- term debts ( anything over 1year period- example: a car) combined with the house payment, should not exceed 36% of monthly gross income.
    That’s how it looks in my state – ill.
    And, as I said you still do not have a full-time job.
    Good luck.

  4. Reply
    April 29, 2011 at 10:13 pm

    Bottom line – there is no loan that does not require that you meet the debt to income ratio limits. I do every loan type available. I have been in the mortgage industry for nearly 10 years and the loan you are looking for does not exist. You have to show income these days regardless of your credit. If there was a way to get the loan approved for you, I am absolutely certain your lender would get it done.

    Your only option is to wait till you can show the income or try to find a seller financed home… But you will probably get the same response.

    Sorry not trying to be negative – Just being straight with you.. I know you want to hear there is a program out there… It just does not exist.

  5. Reply
    April 29, 2011 at 10:43 pm

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  6. Reply
    Quicken Loans
    April 29, 2011 at 11:26 pm

    Ok, so it’s really good that you are already thinking about buying a home, because now is definitely the best time to buy a home with low mortgage rates, low property values, and the tax credit for first time buyers.

    However, you have to wait until you graduate, and have higher income. Lenders aren’t being picky, there are certain guidelines they have to follow so they don’t get in trouble. One of the guidelines is your debt-to-income ratio, you can’t have too high of debt, and too low of income – regardless of your score.

    A house also costs quite a bit to maintain. You need at least 3.5% down payment, roughly $ 5,000 for the closing costs depending on your loan amount, and also you need to pay for mortgage insurance if you have less than 20% down payment, and there’s taxes which add up to be $ 3,000 roughly (depends on area), and lastly there’s the interest you’re paying on the loan.

    All of this is not taking into account if your roof leaks, (could be $ 4,000 or more to put on a new roof), if your water heater breaks, ($ 2,000 to $ 3,000 to replace) and if you want to do any minor home improvements.

    This is why lenders have strict regulation to not just lend the money to you because you have a good score. You absolutely need extra money, because owning a home is not like renting an apartment, you need to be prepared for all sorts of extra costs with a home. An apartment is pretty standard, same thing every month.

    Once you graduate and have your first job, you can definitely get a mortgage with that score, so don’t be discouraged. I just bought my house, and I’m 23, so hang in there. Good luck.

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