Im 21, can I get a mortgage for a foreclosure home?
Im 21, a bartender and make approx 25,000 to 30,000 a year. Ive had established credit for a few years now. I have an apartment for 7 months now, and all the utilities in my name and never even been close to being late on anything. What are the chances of me getting approved for a home loan, and if so how much do you think I could get?
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Your best bet is to contact a loan officer and they can run your credit and give you a pre-approval if your have sufficient credit. These days credit is very difficult to predict and also “Property Values” are hard to figure out as well. I am a very responsible person and I have invested in significant upgrades to my property but a recent appraisal came in UNDER the value appraised over 10 years ago even with at least 20% of the homes value in upgrades…windows/roofinf/appliances/driveway. The biggest thing to watch out for is the 80% LTV for the property you wish to purchase vs. the amount you can get approved for. I have 780+ credit score and am still having trouble due to the 80% rule. You will only get 80% of the homes appraised value…If the homeowner is selling the home for $100,000 the most you can get now is $80,000 and many homes are listed higher than their CURRENT market value. A pre-approval is probably your best starting point and make sure if you make an offer it’s subject to 80% of the appraisal…so you have an out if the home isn’t worth the bidding price.
yes as long as you can PROVE income by tax returns only. Many in your field get tips but never claim their true income. Get with a mortgage professional in your area or state and get them to pre approve your loan
I am a mortgage banker in TN & KY
Your best bet would be to talk with a local lender about programs that may be available to you.
Please do not limit yourself to foreclosure homes, there are plenty of good deals to be had out there.
maybe if the home is priced at $75000 or less and you have at least $8000 in cash right now foreclosed homes are sold AS-IS, so you better get a complete house inspection and there are any major problems, walk away (get an inspection and mortgage contingency in any buy offer) – call a mortgage broker and see if you can even get pre-qualified first and for how much
I think you are having sound earnings, if this situation keeps on then I do not think you would be refused by anywhere.
Good Luck Anyways.
As long as you have a steady income you should be able to be approved for a loan. Maybe only 80-90,000 though, which is plenty to get a foreclosed home. Just give it a try. I would suggest using a bank that you have established credit with.