Purchase a home with a minimum 30 days of work history.
College Grad Loans
Many graduates who want to purchase a home, may not have the minimum 2-year employment history that is required. This option supports qualified clients who want to buy a home after completing college instead of renting. The College Grad program allows the client to use their recent 2-4 years history as a full-time student as their employment history.
Who is eligible?
The College Grad mortgage option is specifically designed for recent college graduates. A recent graduate is defined as someone who has graduated within 2 years. The graduates must have completed a trade school or a formal degreed curriculum.
The client needs to be a graduate of a degreed program (i.e. Associates or Bachelors) or a trade school. The client may be able to provide their employment offer letter (if they are starting work within approximately 30 days), or they can provide 30 days of paystubs. The client will be required to provide a copy of their diploma and transcript, in addition to the other required documentation.
To assist with the down payment and closing cost, clients are allowed to receive a Seller Credit of up to 6% of the purchase price, and clients can receive an eligible Gift from family.
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.