$70K income, a thin credit file, and a lender asking for a co-signer — rental income and an exception approval, $450K funded

A local resident, recently into his career and with modest reported income. He had found a job with real prospects after graduating and was working hard at it, but the commute was long and he was tired of losing hours to it every day. Ready to live independently and thinking ahead to marriage, he decided to buy somewhere closer to the office. It did not take long to find a place he liked, and he signed.

The financing was the harder part. His salary was $50,000 a year, plus about $20,000 from part-time work — $70,000 in total. Most lenders cap borrowing at around five times income, which left him short of the $450,000 he needed. His credit report showed only a single credit card, too thin a history for comfort, and the lenders willing to consider him wanted a co-signer on the application. A friend pointed him to Guaranti.

Looking at his file, the income gap and the short credit history were both real — but neither was fatal. He could keep living with family after closing and rent the new property out, which would add income to the picture. For the thin credit file, we could put the case to lenders for an exception approval. Once the plan was agreed we submitted to several lenders, and $450,000 was approved shortly afterwards. He completed the purchase.