I am getting a lot of emails at MortgageMinuteGuy.com from graduates and graduates-to-be about purchasing their first home. These are mainly college and graduate school students who yearn to get out into the real world and experience everything they can, including the American Dream: home ownership. Their problem is that the most experience they generally have is a part-time job in an employment that isn't what they are going to be doing after school. How can they get a house?
We in the lending field recognize that everyone gets to start out a rookie in what ever they choose to do, and that is not to be downplayed by anyone. We have all been there. We most likely can get you a home loan with your degree, a letter from your new employer and your first pay check (copy or stub). A lot depends on how strong your employment contract is, the amount you will be making and your credit.
Obviously, a first-round draft choice in the National Football League is going to have an easier time qualifying for his first home loan than a trainee at a leading retail chain.
If the parents are going to help I would suggest not cosigning with your children, but instead helping them with the down payment. Put your gift in their bank at least 3 months before they will need it, because it will be considered their money after 3 months and you will be able to avoid being part of the transaction.
Youth must be served, and that goes for buying a house as well. There isn't a bad time to buy your first house, so why not now? We'll help you at Manhattan West 949-5553 or write to me at MortgageMinuteGuy.com. Grab a little slice of the dream and ride it onto the road to financial freedom!
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.