With guidance about mortgage loans for students, we can help you start building equity earlier than you may have thought possible.
While purchasing a home while pursuing an undergraduate college degree is not common, if you are planning on staying in the area near your college or university after graduation, it may be a worthwhile consideration. Also, if you are planning on pursuing a master’s degree or doctoral degree at the same institution, you may be living in the area for 8 or more years. Every situation is unique, and if you are interested in learning more about mortgage loans for students and recent college graduates, get in touch with us at Mortgages by Scott. We are passionate about really listening to the unique needs and situation of each of our clients and matching them to the best possible mortgage products for meeting their individual goals.
Mortgage loans for students and recent graduates are often used to purchase a starter home or investment property. If you are interested in serving in the role of landlord and finding roommates, the monthly rental income may help you pay your mortgage. You may have to show a history of receiving rent from a roommate for their portion of the rent, and they may need to continue living with you in the new home. If you are a current student or recent graduate with student loan debt, it is important to understand what lenders will consider while approving you for a loan, including:
- Your personal credit history and the credit history of any co-signers you have
- Your current student loan balance and the type of student loans you have
- Any current income and your debt-to-income ratio
- The current balance of your bank accounts and recent activity in those accounts
- Other assets you may have or have inherited
If you are ready to learn more about mortgage loans for students and recent graduates and find out whether you might qualify, don’t hesitate to reach out to us. We are conveniently based in Huntersville, North Carolina but are licensed in North Carolina, South Carolina, and Florida.