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Refinancing a single family house as a student/pre-employed professional

Hi Everyone,

I am 22 year old student graduating from a renowned 4 year university this upcoming May. I have purchased two properties thus far, one in which I flipped 2 years ago for a 20k profit within a month, and the second being the rental house I currently own. The house was purchased at $162,000 with cash (I took out a mortgage from my parents, legally documented, interest only.) I put $28,000 into the house which was my own money for renovations bringing my total monies spent to $190,000. The house would most likely appraise in current condition between $230,000-$250,000. I would like to refinance, repay my parents, and obtain a loan from a lending institution. The only problem is my employment starts on June 1st, with PepsiCo making a $60,000+ base salary. As of now, I have no proof of income besides the rental which nets me $1,000 a month and a letter of intent from PepsiCo stating my start date and compensation. Any chance I could qualify for refinancing, with or with-out my parents co-signing. Any assistance or advice would be much appreciated! Thank you in advance!

 
  • April 04 2014 - Reservoir
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Answers (2)

You may need to pay until you have your first pay stub from Pepsi to count your new income. So that would mean you would have to wait a few months. You can always try to have your parents co-sign to see if that would help. Although, it's hard to give you any definite answers without looking at your finances and speaking with you directly for more details. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 07 2014
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Hello, I'm assuming you don't have a contract with PepsiCo, only an offer of employment. The general rule that will give you the most favorable finance terms will require you to be able to produce pay stubs that show at least 30 days of earnings. There may be some products out there that allow you to close as long as your first payment is no sooner than June 1st but your rate and terms may suffer. I would go meet with a lender to explore your finance options and to explore an approval now and hold out for the 30 days pay stubs, then close a few days after. Good Luck!
  • April 04 2014
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