Here isI am a graduate accounting student, I already have a job set up to start next fall. I was wonder if I could qualify for a home loan now to begin looking at homes in the area I want to be. I also have good credit. is it possible for a student to qualify for buying a house with out actual income except from rental income? my question

In today's underwriting world, you must be able to show actual income in order to qualify. Although It's possible to qualify with just your rental income, it's doubtful unless you can document that has occurred for the last two years and has a likelihood of continuing, AND, most importantly, it is sufficient to support all of your obligations within the qualifying debt to income ratios. If you need the income from your future job to qualify, you will need to wait until you have started the job and most lenders will require that your have received at least one month's pay from it. My advice is to find a local Mortgage Banker/Broker and start planning. A Licensed Mortgage Loan Originator has the training to help you understand where you are and what you need to do to become loan ready. You will want to someone with experience, so check out their background at www.NmlsConsumerAccess.org

Good morning!Bert is 100% correct. You could prequalify once you get hired, but will need at least 30 days worth of pay stubs before you could proceed with the actual loan process. My business partner, Jason, and I would love to work with you. If you want to start the planning process, let me know. We operate the Top Flite Financial branch in Little Rock. bfrench@topflitefinancial.com or 501-296-9037.

Laua, Congratulations and yes you can pre-qualify for your loan using rental income if previously received the last two years and your employment offer however you will be be able to close untill your employment income has been received for a month. So you can shop your hearts content and if September is your start date expect to close in October depending on rates you can obtain a longterm lock up to 90 days prior. Again, Congratulations and if you need an expierenced Mortgage Banker, excelent service and competitive rates I can be reach at ballen@accessnational.com or phone 888-354-3299.

how much you make on your rentals will answer if you have enough income to support a mortgage payment along with your other obligations. If you graduated and take a job in your field of study (Accounting), and receive at least one pay check, you can use the income form your job. Contact a local mortgage broker, not a bank, and apply with them.. they will be able to guide you in the right direction and help you be in a position to qualify. WilliamAcres.com

Unless you can qualify on your rental income alone, you'll need to be able to produce a paystub from your new employment with at least 30 days worth of YTD income on it to be able to use it for qualification.