Graduating from college soon, starting new job, how long to buy house?

You should go for an FHA insured loan, but if you wanted to drop mortgage insurance sooner than later you couldrefinance into a conventional loan once you have sufficient time on the job. The key will be showing you have at leasta minimal amount of time on your new job (with some lenders it is 3 months) and show you have the excellent priorwork history of at least two years! Contact a good local broker or bank in your area who does alot of FHA insured loans!

You said that you are entering a different field than previously, but are you now entering the Accounting field that you just obtained a degree with? If that is the case, then you will have no issues. As long as you begin work in the same field as your degree, your work history should be used as part of the 2 year "work history" for mortgage loans. If your wife's credit history is less than desirable (say, less than 600), then perhaps think about purchasing based on your income alone. However, need more info. Our Group is licensed in MI.

If your new job is related to your degree you will be fine. With that large of a down payment, I would suggest you go into a conventional loan and pay a small fee to buy out of the mortgage insurance. You may even be able to have the lender buy out of the mortgage insurance through a lender credit. Talk with a local loan officer and I'm sure you will be good to go. Good luck.

Your degree will count towards the 2 year requirement for employment history. Have your transcripts/diploma available when you apply. With the high credit score and the large down payment, conventional would definitely be the route to go. I would not make any sort of plan that includes having to refinance at some point in the future to drop PMI. The rates of today will soon be gone and many believe the rates of tomorrow will be much higher.

Sounds like you will be ready to purchase... The only thing I think I see is job history. If you have bee out of work for more than 6 months, you will need to be on the new job at least 6 months. It would be great if you could have the full 20% for down payment to avoid mortgage insurance, but don't let that stop you. Contact a local licensed mortgage broker for assistance. www.WI-MortgageBroker.com

Some really good answers have been posted,

You should be able to move forward with an FHA loan now. More information is needed to advise you how to move forward.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

As long as you begin your new career in the accounting field, you can buy asap. We would only need a copy of your degree and first paycheck. You have the option of moving forward with an FHA loan, which only requires 3.5% of the purchase price as a down payment. You do have various options with your case scenario. I would be more than happy to discuss the options and help you purchase your family's first home. Call or email me at your convenience. Ray 254-449-7196 or rlewis@englending.com

Barb's assessment is accurate

I would need a more detailed work/school history to be sure, BUT it is HIGHLY likely that you would only need 30 days on the job. Your time as school can be treated like work if it has been full time. Your school degree would need to reasonably match your new job. Now is the time to talk to a lender experienced in these kind of loans to look at all qualification parameters. Planning ahead is more important in today's lending environment than ever before. I have done several like this and would be delighted to help you. = Mike (517) 489-2328. I am located in East Lansing and have worked with many people on the Lake Michigan shoreline also.