Profile picture for user3857777

Can a student get approved for a loan with a good mortgage rate right after graduation

Looking to move to Nashville, TN preferably close to the city in June 2014. Enough money saved to pay 20% down in cash on a $40,000-$60,000 home. Would look for a 2+ bedroom house and roommate would pay mortgage in place of rent. Not sure of my credit score, but I have had a student credit card for about 3 years and always paid in full on time. Is this feasible? Would a bank loan me the money for this? Is this a good plan out of college? Hopefully I will have a job, but there is no way to tell at this point in time. I don't want to waste money paying $500+ on rent, when I can be making my money work for me and own a home in the end. Need advice. 
  • July 29 2013 - Nashville
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Answers (4)

Dear user: You will need to have a job and have an established job history of at least 6-12 months before any lender would consider a loan. Also knowing your own credit score now would help you assess your financial situation. Best of Luck!
  • July 29 2013
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Profile picture for edboner
Some professions may qualify sooner.  Are you employed or still looking and what was your major/field?  Were you working while going to school and will your job appear to be a promotion within the same field?  Don't assume you qualify or won't until you sit down with an experienced lender.
  • July 29 2013
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Profile picture for TeamJoeYoung
It sounds like you have a great plan! Just go get that job and keep it for a while and go get your credit score, you can get it for free online. You will be fulfilling your goals in no time
  • July 29 2013
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Profile picture for wetdawgs
"Hopefully I will have a job"    Hopefully isn't enough.   When you have a job or other verifiable steady source on income,  then you will be able to apply for a mortgage.   

Take the time to learn your credit scores.



  • July 29 2013
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