Zillow Advice: Buying Process - College Grad and a Home Loan? http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ Zillow Advice | Zillow Real Estate You seem to have yourselves ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ You seem to have yourselves together.&nbsp; You're financially stable, and can prove that you will continue to be.&nbsp; You've gone to college and bettered yourselves.<br/><br/>However, this isn't the entire story when it comes to buying a home.&nbsp; As for income, the letter from his employer will go a long way, but it might not be enough.&nbsp; You mentioned a loan specialist already told you that your income (part time) wasn't enough - you need to significantly increase that, and I'm assuming your husband's full time position will handle that.<br/><br/>Next, what's your credit like?&nbsp; Hopefully, while you haven't rented or bought a home before, you've established credit.&nbsp; If you haven't, go start doing that now.&nbsp; Get credit cards, spend responsibly, do not make ridiculous purchases and live beyond your means, no matter how tempting a high credit limit might be.<br/><br/>I'll further the assumptions - So, everything works out.&nbsp; You've both got good credit, your husband has a steady reliable income in a stable profession, and you have ~15-20% of a down payment.<br/><br/>Is that going to be enough?&nbsp;&nbsp; We're in hypothetical land.&nbsp; How big of a house?&nbsp; Where?&nbsp; What other debts do you have (like student loans)?&nbsp; Do you own cars?&nbsp; What's the insurance like - and how will it change when you move?&nbsp; Can you afford homeowners insurance and HOA fees as well?&nbsp; There's a LOT more that goes into the expense of a house than the mortgage.<br/><br/>All this factors into the decision, and it would be irresponsible for me or anyone else here to say "YES!&nbsp; You can get a loan!" without all of that information in front of them.<br/><br/>All this being said, you lose nothing going to a bank and trying.&nbsp; Put all the information you have together and schedule a time to go talk with someone.&nbsp; Shop around for a mortgage if you end up qualifying for one, and make GOOD decisions.&nbsp; Don't accept loans with outrageous fees and high %'s.&nbsp; <br/><br/>And finally, my last piece of advice - one that's shared by a lot of financial specialists these days:&nbsp; You should be looking to get a loan on a 15 year term, with a fixed rate.&nbsp; What that rate is will depend when you actually go ahead and search for a Mortgage.&nbsp; <br/><br/>Good luck Tue, 24 Sep 2013 23:32:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-24T23:32:00Z Cassandra,Great question! ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ Cassandra,<br/>Great question! &nbsp;I am happy to hear that you and your husband are preparing to possibly purchase your first home! &nbsp;How exciting! &nbsp;<br/><br/>Next, if you would like awesome representation contact me directly. &nbsp;I have phenomenal loan officers that will check to see if you qualify. &nbsp;I am sure one of my great loan officers will be able to assist you and your husband! &nbsp;<br/><br/>And Cassandra, the only stupid question is the one we do not ask! &nbsp;<br/><br/>Thank you for your question and I wish you and your husband the very best! &nbsp; Tue, 24 Sep 2013 23:21:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-24T23:21:00Z What is your credit score. ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ What is your credit score. &nbsp;Get your FREE Credit Report and Credit Score before even thinking of buying a house. &nbsp;With no previous rental history and no work history, that score will tell you in a second if you qualify.<br/>Also, the matter of student loans.. You didn't mention this and it could be a deal killer.<br/><br/> Mon, 23 Sep 2013 05:59:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-23T05:59:00Z I have a loan officer that ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ I have a loan officer that can approve you once you graduate. When you finish school if you can show what your projected salary is to be then you do not need two years of income history to qualify for FHA. Fri, 13 Sep 2013 00:39:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-13T00:39:00Z You should consider speaking ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ You should consider speaking with more than one lender, not just your bank alone. Different lenders can offer different things, so just don't be stuck with your bank. The reason why your former home loan specialist said that is because they are expecting to see two years income and credit so that they can see that you have a steady income to afford the new house you want. Another thing to keep in mind is where you are at with credit. Usually two lines of credit open for at least two years are needed to apply for a home loan. Luckily there are lenders like myself that can give loans without credit and use substitute forms of credit as well. So like I said, check out other lenders like myself to see if there is anyone else that can help you out.<br/><br/>If you have any other questions or need a loan[<em>self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]</em><br/><br/>I hope this helps and good luck!&nbsp; Wed, 11 Sep 2013 18:30:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-11T18:30:00Z Have you considered renting ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ Have you considered renting first?<br/><br/>It is a leap across the grand canyon going from living with parents to buying a house.&nbsp;&nbsp; While you may be able to do so, living alone as a couple offers a wealth of learning experience that may enhance your understanding of the home buying process as well as help you find a home you truely love for a long long time.<br/><br/>Home buying is not an emergency, and doesn't need to be the first step.&nbsp; You are NOT throwing away money by renting.&nbsp; <br/> Wed, 11 Sep 2013 05:35:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-11T05:35:00Z The only time you do not ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ The only time you do not need 2 years job history is when you finish school, and you either graduate or receive your certificate of completion. It sounds like this is your case.&nbsp; Beside the offer letter, you need to show one paystubs and the mortgage company can use the base salary to qualify you. <br/>I do not lend in LV, but I know of a great company called Alterra Home Loans.&nbsp; Let me know if you want there information<br/><br/>CARLOS PAREDES<br/>LOAN OFFICER / NMLS: 233595<br/>GEM Mortgage - Calabasas, CA Branch Wed, 11 Sep 2013 05:11:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-11T05:11:00Z Your biggest problem is even ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ Your biggest problem is even though your credit may be good, you or your husband don't have a track record on income. &nbsp;That's a big way lenders evaluate how you handle money. &nbsp;Just starting work only tells them he has a job, not how good he is at keeping it.<br/><br/>You may want to lease option a property instead that gives you the option to purchase when you can qualify for a loan, getting credit for deposit and loan payments, while you build a track record. Wed, 11 Sep 2013 01:41:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-11T01:41:00Z Hello. Credit is something ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ Hello. Credit is something to consider and so is your debt to income ratio.&nbsp; Conservative type bankers are more strict than ever now.&nbsp; But if you have good credit, a 15-20% down payment, as you mentioned.&nbsp; It shouldn't be hard to find a lending institution to borrow from.&nbsp; Small town banks and Credit Unions are more likely to make exceptions to rules than larger banks and sometimes their interest rates are even better. <br/><br/>Hope this helps! Don't give up hope.&nbsp; Where there is a will there is a way.<br/><br/>- Johnnie Yaegel Wed, 11 Sep 2013 00:14:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-11T00:14:00Z I work with a great loan ... http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ I work with a great loan officer that would be happy to talk with you and get you started. Feel free to contact me and I will relay her contact information. I look forward to talking with you about your plans to purchase. I have been a resident of Las Vegas since 1971 and have helped many first time homebuyers. I use video in my Real Estate business and we will discuss how video will be a big advantage to assist you in your search for your new home. Thank You Suzie Marquardt Wed, 11 Sep 2013 00:11:00 GMT http://www.zillow.com/advice-thread/College-Grad-and-a-Home-Loan/510801/ 2013-09-11T00:11:00Z