Options for obtaining a mortgage shortly after college?

Question

To bring everyone up to par, here is where I stand. I have recently graduated college and accepted a job in my field of study (Residential Property Management).  I have been interested in several different properties and wanted to consult with BP'ers before I begin looking at finance options.

I have no student debt, car payments, or any other debt except for rent on my current apartment. 750+ credit score. Properties I am looking at are between $50,000 - $80,000. I am able to put up to $20,000 down but would like to put less if possible. I'm hoping to be able to put down 20% of the purchase price.

Also, if I  chose to purchase a turn-key property will I be able to apply 75% of the rent amount towards my DTI ratio?

I guess my main concern is how difficult finding financing will be due to the fact I have less than two years of work experience with the new job and being fresh out of college I feel some lenders will not take me seriously.

Thanks in advance!

Jeff Trevarthen · Answer

Account Closed Get a co-signer.  In other words find someone who can be the primary borrower.  Good luck.

Jeff Brower · Answer

Some banks will allow you to use your college courses for history in lieu of work history. I was able to do this when I purchased my personal residence about 1 year after graduating. I also had a nice job in my field of study which it looks like you have.

Jeff Rabinowitz · Answer

@Blake McBee, welcome to BP. Bank financing is difficult for everybody today. Most of my partners don't even attempt the process anymore. It is too tedious and slow for them. However, there are still plenty of banks and credit unions lending. Pick one and start the process. If you are not successful pick another and try again. Repeat until you find what you are looking for or become convinced it is not attainable. Your profile lists many positives. Best wishes.