Mortgage Loan Programs For College Graduates Without 2 Year Work History

One of the key requirements to qualify for a residential mortgage loan is to show a two year work prior work history and this can be a problem for a recent college graduate who just graduated from college or technical school.  Many full time students had no work history while studying full time and might have gotten financial support via government student loans, family, or odd and end temporary jobs.  Some students, such as law school and medical school graduates have been unemployed for over 7 or 8 years and were professional students.

Gaps In Employment

Others have taken time off work and went to school full time to learn a different trade such a automobile mechanics, dental technicians, or nursing students.   Many of these full time students land great paying jobs in their field of studies after graduation.  Unfortunately, many graduates have no work history, no established credit history, and some do not even have credit scores.   I get many calls from recent college graduates who just started a new job in their field and they ask me when they can apply for a residential mortgage loan because they do not want to be renter.  The great news is that I can help recent college graduates with no prior work history, no credit tradelines, and no credit scores get residential mortgage loan approvals.

Mortgage Loan Programs For College Graduates With No Work Experience

If you just graduated from college or technical school and have no work history that you can document, I have mortgage loan programs for college graduates that as long as you can provide proof that you are working full time in your field of study, your full time college education history can be used the same as your work history.  We normally average the prior two years tax returns or W2 income for income qualification but since full time students do not have prior earning histories, we will go off by your most recent pay check stub.  We will probably require 30 days pay check stubs and a verification of employment from  your employer having them state that you are working full time and will continue to do so.  Your college transcripts will be required and used in lieu of your prior 2 years employment history.

How About If Recent College Graduate Has No Credit Or Established Credit Tradelines

We can make exception if the recent college graduate does not have a credit score or no established credit tradelines with our mortgage loan programs for college graduates.  We can use non-traditional credit such as insurance payment, school tuition payment, cellular phone bills, utility payments, and other non-traditional credit from creditors that do not report to the three major credit reporting agencies.  If you have no credit scores due to lack of credit, you can easily get a credit score by getting one or two secured credit cards.  You will get a credit score the next billing cycle.  Make sure that you only charge no more than 30% or less of your credit limit from your new secured credit cards for you to get the maximum credit score possible.  If you load up your new secured credit cards to the credit limit, you will get a very low credit score, which is not what you want.  More than likely, your mortgage application will be manually underwritten which is okay.  If you are a recent college graduate and are interested in qualifying for a residential mortgage loan please contact me at 262-716-8151 or visit me at www.gustancho.com .

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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