Many recent graduates believe they have to wait two years before buying a home. The truth is, you can get a mortgage right out of college by using your education to satisfy the employment requirements. Here is how lenders view your degree.
The 2-Year Work History Rule: What Lenders Actually Require
When doing a mortgage loan, we require 2 years of work history. This doesn’t mean two years at the same employer. It just means 24 months’ worth of work history and it could be with multiple employers.
How to Use College Transcripts to Qualify for a Mortgage
The problem is sometimes people fresh out of college starting a new job may not have that full 2-year history to put together. If the job you’re currently working is related to the degree that you got, we can use your college transcripts as part of that work history.
Example Scenarios: When Education Counts as Employment
So, for example, you went to nursing school, graduated, now you got a job at nursing, and you haven’t been there long enough to put together a full 2-year work history. We can take those transcripts from the nursing school and use that as part of the history. And as long as all that put together equals the 24 months, you’re good to go.
This is something a lot of people might not know and they might think they have to go out and then work a long time after graduating before they could purchase a house. But you can do this and purchase a house right away. So, if you have any questions on this, feel free to reach out.
