Will I be able to get a mortgage right after graduating college?

Asked by Chsoboist14, Romeoville, IL Wed Jun 29, 2011

I'm currently a senior in college and I've started looking at houses online. I found one that I really like, but I'm unsure if I'll meet all of the FHA requirements. I'll be graduating in a year with a degree in teaching of mathematics. I'm able to start applying for jobs while I'm student teaching, so there's a VERY good chance that I'll have a job offer ($40,000-$58,000) before I even graduate. However, I've been looking online and it looks like I need 2 years of continuous employment history, which I will not have. Is there some way around this? I currently have 2 credit cards and a share secured loan that I pay regularly and my credit score is 721 so I feel confident that I can show reliability to make payments, but I don't have anyone who would be considered a "qualified cosigner" that could help me report sufficient income. Will my degree, transcript, and employment offer be enough?

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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Jun 29, 2011
Q: Will my degree, transcript, and employment offer be enough?

A: You will need your degree, transcript, and like Gregorio mentioned the paystubs to prove you have begun working OR if you get an employment contract (not an offer, but an actual contract) then you can use that to qualify as long as you will be closing within 60 days of the beginning date AND you are prepared to provide a paystub after you begin working (that means after you close you need to go back and send your lender a paystub). Being a teacher, you very well may be able to get the employment contract that is needed.

FHA's guideline on verifying employment history (including details on if in school): http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?addr…
FHA's guideline on Projected Income (even gives an example of a teacher): http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?addr…

If you need help let me know, I handle these types of purchases occasionally (it's not like they come up every day).
1 vote
Gregorio Den…, , San Diego, CA
Wed Jun 29, 2011
If you are graduating from college with a degree, you may be eligible for a mortgage using your time in school as work experience. You will need to have a job and if you use FHA financing you will need 30 days worth of pay stubs to show. With conventional financing you may not need the 30 days of pay stubs but that will differ by lender. Your degree, transcript, and employment offer could be enough if your income falls in line with what you are trying to buy. A co-signer may help you in this situation if you need need with qualifying income. Step 1 is to sit with a licensed, qualified loan officer in IL to go through your options.
Web Reference:  http://WeFixRates.Com
1 vote
Gene Mundt, Mortgage Broker Or Lender, New Lenox, IL
Mon Jul 18, 2011
Yes. Assuming the following: That you will have a teacher's job and contract, will be able to show 30 days of paystubs, meet the downpayment requirements (currently 3.5% on FHA), AND MOST IMPORTANTLY, BE ABLE TO SHOW A 2 YEAR HISTORY OF EMPLOYMENT, EVEN IF IT'S PART-TIME OR SUMMER WORK.
These are the CURRENT guidelines, which as you have found/know could change in the timeframe we are discussing.
I applaud you on taking the pro-active steps needed to purchase in the near future. Please feel free to contact me with further questions. I have offices right in the Romeoville area ...
Best of luck to you,
Web Reference:  http://www.genemundt.com
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Wed Jun 29, 2011
Many lenders will accept 6 months on the job, not two years, but if your job is in your degree field, maybe that would be enough. Your credit score is great so that is no problem. With that income, you would qualify for a home around $120k purchase price. Contact http://www.wfhm.com/todd-olson for a prequalification. I work with him all the time and Wells Fargo is one of the largest lenders.

I work a lot in this area and can find you something move in ready. I specialize in first-time buyers and can help make it easier for you. If six months is needed, a rent to own may be possible.

Go online and prequalify with Todd. And give me a call, I would be honored to help you.

Suzanne Hamilton
RE Marketing Consultants
0 votes
Bradley Egge…, Mortgage Broker Or Lender, Oakbrook Terrace, IL
Wed Jun 29, 2011
Yes. You'll need 30 days of paystubs with your new employer, copy of contract offer, and your diploma.

Call me if you want assistance in your financing.

Bradley Eggers
Senior Loan Originator
Midwest Equity
0 votes
Gerard Carney, Agent, Spring Hill, FL
Wed Jun 29, 2011
Wouldn't a job be the next step, I mean you are now college educated, I guess not in Financing, because getting a good paying job and a regular income, then move on to looking at houses, nothing you look at now will be there in a few years so stop wasting time looking until you have the pre-approval and the financial strength!
0 votes
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