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New Grad Mortgage?


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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. 

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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.

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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.

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