Are you one of those aspiring millennials that whose dreaming to have a home in the future that you can call your own? While this might be the best dream for all aspiring professionals, there are many challenges one may face in getting a mortgage loan. A lot of millennials nowadays, both working in corporate and young entrepreneurs, find it challenging to secure their future. One of the challenges is to get an approved mortgage loan even they have a stable income. Some factors that significantly affect the approval of a mortgage loan is by having a bad credit score, low cash reserves in the savings account, and high debt-to-income ratio. And many falls in having a high DTI ratio thus making it difficult for them to get approved. So, the consequences of it is by having a future that is not secured and most likely, it is hard for them to acquire an asset.
To avoid having a high DTI ratio, one should have good financial management. However, one may also opt to get these top paying jobs listed below that can cater to all expenses and debt but at the same time, for savings.
This job comes with many kinds of challenges and at the same time exciting privileges and compensation. With an annual salary that goes up to 130,000 USD annually, lots of lenders won’t think twice in approving your mortgage application.
If you love the ever-changing world of information technology, then becoming an IT manager is a perfect job for you. Lots of millennials are techy nowadays and can quickly adapt to different kinds of computer applications so choosing this line of career is quite easy. And besides, with an annual average salary of 140,000 USD, it is a profession that will put a lot of money in your savings account thus making it easier to get approved in a mortgage home loan.
Let’s face it; not everyone can do what a sales manager can do. It takes a lot of guts and natural talent to convince a person to try a product or services that they have not tried before. It also requires strong leadership to lead a group of talented people to achieve a goal. It is the very reason why this job can offer up to 120,000 USD in annual salary, and this makes mortgage lenders find it hard to deny an application coming from this line of career.
A 250,000 USD annual salary is a no joke to mortgage lenders. So if you want to your future secured, especially when it comes to mortgage loans, then pursue this kind of career. However, one should take note that it would take a person eight to 10 years of studying and training to become a medical surgeon.
However, some might think that these jobs don’t fit their knowledge and expertise so they won’t be able to get a shot for a mortgage loan. That’s not actually true. Even if you don’t have enough cash reserves and a bad credit score, one can always find hope with the help of the city of Houston down payment assistance. They are good at helping average earners to get approved in their mortgage application as long as they can prove that they can able to pay it back. So, make sure to have an excellent paying job, so you can also secure your future.