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Nancy
In theory it looks pretty good for getting the loan considering the collateral you are offering; however, the need for five roommates is the scary part. I work in an office where five people couldn’t even agree on ordering a pizza let alone living together. Consider a two bedroom condo with one roommate and then upgrade. Good luck with the plan but wait til you’re out of college to become a landlord. Alot can happen in your five year plan that will leave you with a house you cannot afford on your own. It’s great that your parents will co-sign and offer their home as collateral but think of a two bedroom condo that will be easier to bail out of if need be.
William
Buying a home for the first time or maybe not?
It is my primary job to guide and educate you throughout the process, and to assist you in making some of the important decisions you’ll be faced with. I offer almost 2,000 different mortgage loans. I will take the time to understand and assess your current financial situation as well as your long-term financial goals, define your specific needs, then match your requirements with the loan program options that will allow you to achieve your goal of owning a home.
LOAN PROGRAMS
We offer almost 2,000 different loan programs, including: • First-time homebuyer programs
• Federal Housing Administration (FHA) and Veteran’s Administration (VA) loans
• Down payment assistance programs
• 100% and 100%+ loan programs
• Local bond programs
• Conventional Fixed Rate loans
• Full array of Adjustable Rate loans
YOUR MORTGAGE APPLICATION
Documents required for your mortgage application appointment: • Year-to-date pay stub(s)—most recent month
• W-2s/1099s—last 2 years
• Signed federal tax returns—last 2 years
• Bank statements for each account—last 2 months
• Copies of all asset & liability accounts (e.g., auto loan documents, etc.)
• Complete address & zip code for: • Present Employer
• Previous Employer(s)—last 2 years
TO ESTABLISH ALTERNATIVE CREDIT
Ratings or monthly statements for: • Telephone
• Gas & electricity
• Cell phone
Call me today to get started shopping for your new home. You will be completely satisfied with both my service and your loan solution!
I would like to help you with your mortgage process, I have 6 years experience and work for a great lender.
Call me or email to get started.
Clyde
Being able to do what you’re describing is doubtful.
Mtg companies Can do things for people that miss on one of the three qualities they’re looking for.
1 – good credit
2 – good debt to income ratio
3 – job stability
Having your parents co-sign for you is a nice thought, but what do they have to offer the lender? You said you’re dad’s work isn’t great right now, and their house already has a home equity on it. His debt to income is probably already stretched. How is his credit at this point?
Your income…. how much does the IRS say you’ve been making? Future “hope to be rental income” isn’t what the lenders look for.
If you sell the cars and use that for a down payment, then maybe.
Sorry to sound pessimistic, but I hate seeing people get into “pie in the sky” schemes and get foreclosed upon.
Claude
You left out one important piece of info: Your credit score. If you have a score of 600 or better, you will be able to buy a house. (based on today’s criteria, mind you ~ things change..) You will use a program called either “Stated Income” or “No Income”. Keep your downpayment money in the bank so the bank/lender can see you have had it for awhile. Keep as much as you can and make as many deposits as you can in the bank (rather than keeping cash your customers might pay you, deposit it in the bank then withdraw it as you need it).
Try to build some credit between now and then, a car payment, small credit cards, or get put on your parents cards as “authorized user” (only on accounts rated as good)