Im 19 years old and looking to get into real estate. I would like to purchase a duplex to get started. I have been at my job 6 months, score is 650ish make about 3k a month. Would it be hard for me to get a 100% loan on a duplex that I wont be living in?
Thanks,
Ryan
how much is the duplex?
im currently looking 150-175k range.
For high ltv financing lenders will typically require a solid 2 year history of employment. Since you don’t have this you may be able to use a no employment loan if there is enough verifiabe assests. If the asset qualifications can’t be met then you would need a no doc loan . 100% financing solely by the lender is not available for no doc with that score.
It may be possible for the lender to finance the first 80% and the seller hold a 2nd fot the balance.
This is just one of the things that will come up.
Were you in the same line of work prior to your current job?
no.
How much in the bank that’s been there for at least 2 months?
only about $1500, but i add 100-200 a week to that.