» 2009 » October
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I just graduated from college and want to buy a home…now what?
- Graduating college is an exciting time
Graduating from college is a huge milestone in our lives. One chapter is closing and many new ones will be opening. For a lot of college graduates, just starting a new career is a big step. For some, this graduation actually means the passage and right to take part in the American Dream. For a lot of us, this means buying a place of our own. This could be a townhome, condo or single family house, but the plunge of buying a home is in our forefront.I have a lot of clients that call me from time to time and ask “Gary, if I just graduated from college, can I buy a home?” Well college graduates, the answer is probably yes, but most likely with a catch (as most mortgage loans these days have). Let me share what is a possibility if you recently graduated.My advice is to look into getting an FHA loan. FHA loans will allow you to use your degree as work history for 2 years on the job as long as your new job is in the field you graduated in. For instance, if you went to school to study computer engineering and landed a job straight out of college as a computer engineer, then you can use your college degree as work history. For a lender to document your loan file, they will just need to get a copy of your official transcript from your university.Remember, the catch is the loan is still an FHA loan and you have to meet the rest of the loan approval criteria. This means you still need a decent credit score, preferably a 620 or higher, and you will still need to have the minimum down payment.So if you recently graduated, need financing and help from someone who has helped many college graduates, or even just ask questions, feel free to give me a call. -
I am ready to close on my home and need to get the utilities turn on, now what?
I get calls time to time from clients about how to get their utilities turned on. Even though this is basic for me, this is a challenge for a lot of us if we do not know the steps to make this happen.
Let me share some tips when having your utilities turn on:
1. Make sure you know a precise date of move in so you have service ready on the day of move in. I cannot tell you how many clients forget to coordinate this and do not have utilites on move in day.
2. Call the utility company at least 2 weeks prior to move in and find out how you will be approved for service. Some companies require deposits for the services, or pull your credit for approval (this is a soft pull).
3. Some utility companys require the escrow number of your file before they will switch service. You will need to talk with the escrow/settlement company and get this information upfront.
4. Make sure the boxes are unlocked if they have to go out to the property and turn it on. This is a rare case, but I have seen utilities not turned on due to this reason.
These are just a few tips that will help with your frustrations of having your power turned on.
