You’ve walked the stage and turned your tassel to the other side. A degree is officially behind your name and you are ready to take the world by storm. The first thing that you want to do after starting your career is purchase property of your own. Getting a home loan isn’t going to be easy.
The year isn’t 2004 when financial institutions were granting loans to anyone who wanted one. Banks are checking everything three times and rejecting anyone who poses a risk. Applicants must earn enough money to afford the home, have a steady income, and an excellent credit history to support their claim of financial responsibility. Rental history is also a major factor in the financier’s decision. After all, how can a borrower be trusted to repay a home loan over the course of three decades if he cannot pay rent for a year?
While financially savvy college graduates may have excellent credit, they will more than likely lack the job history and healthy income that banks desire. Limited credit history, although superb, also works against the odds as lenders do not know if good financial habits will continue.
It is difficult to obtain a home loan fresh out of college but not impossible. Graduates who have a large down payment and are willing to take out a small loan in which they can pay off in fifteen years stand a better chance of being approved. The possibility of acceptance rises even further if young adults lived off-campus and financially supported themselves throughout the collegiate years. Such activity tells lenders that the applicant is capable of balancing a household, which means that he will more than likely be able to make timely payments on a mortgage.
Caymus Realty Solutions is the alternative to traditional home buying. We pay cash for houses and offer fair market value for real estate. All homes are welcome, regardless of condition. We want your fixer upper!
Learn more about our services at our website.