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.