RandomD Posted April 25, 2015 Share Posted April 25, 2015 Has anyone had any experience getting a mortgage right after graduating? It is starting to look like we may need to relocate for a job, which means selling the house we are in now and hopefully buying one in the new location. I have read that it is possible to get a mortgage based on an "offer letter" from the employer, but I am wondering if anyone has had experience with this? Our credit is good, but no pay stubs for a couple of years while I was in school. Link to comment Share on other sites More sharing options...
Administrator rev ronin Posted April 25, 2015 Administrator Share Posted April 25, 2015 You will probably be able to get a mortgage, but probably at a suboptimal rate. My closest experience was buying a minivan right after graduation and starting a new job. That wasn't as much of a problem as I thought it might be, but our good credit definitely helped. Link to comment Share on other sites More sharing options...
GatorRRT Posted April 25, 2015 Share Posted April 25, 2015 Depends on who you finance with. I'm a little over 6 months removed from school and am about to close on a house with a very competitive rate. Most banks want to see 2 years of consistent employment. Some loan programs will allow you to use your time in school to count toward this. As for using an offer letter for qualifying, I'd check with a broker or a loan officer. Link to comment Share on other sites More sharing options...
RandomD Posted April 25, 2015 Author Share Posted April 25, 2015 Good info. Thanks guys! Link to comment Share on other sites More sharing options...
SoCalPA Posted April 25, 2015 Share Posted April 25, 2015 Yeah this always puzzled me too. I would think if you're gonna make a loan you'd be happy to loan to someone with a matters, in the health care industry and making good money. I will probably have to move after graduation and was wondering about that. Link to comment Share on other sites More sharing options...
FSUnoles Posted April 26, 2015 Share Posted April 26, 2015 you're income to debt ratio will need to be about 50%. i was able to qualify as a new home buyer Link to comment Share on other sites More sharing options...
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