Mortgage for new grad RN?

[Kiwi]

I graduated in May and am working full time. I am clueless about how to go about getting approved for a mortgage -- I have been given such great advice regarding my nursing career and other aspects of my life from members on allnurses.

I have been paying rent for a while and would love to be able to make a good investment. I am looking to get approved for a mortgage of about $75,000. I make a new grad salary around $20/hr.

Is it possible for a single such as myself to get approved for a mortgage after just graduating college? What factors are considered? Am I being foolish for trying to buy property without being married and having a new grads salary? I would really appreciate any insight regarding this topic if you or your family have experienced this?

Thanks so much!!

[bonesjordan]

I'm going today to look at condos and to speak with a realtor! My hospital offers a $5,000 forgivable down payment loan to it's employees. Thanks for this information. My apt lease is up on October 31, so I am taking all of your advice in this process.

Look up..."buying your first house" online.....can find many great sites...re: how to assess value......the whole process.....ie. title searches...closing costs etc. In Florida and in my county there are also great programs for first time home-buyers.....SHIP, HOME.....some are kind of like lotteries that basically give you an interest free loan for the down payment......way good! Have also heard fanniemae has a HealthWorker + program...same kinda thing...give you money for downpayment....at no or minimal interest rate....

Make a long story short......do the research! This is a huge purchase....you don't want any surprises!

Let me know how it goes for you....because I am also looking to buy a house soon after I start working.

Best of Luck

Christina

[Daytonite, BSN, RN]

If you can join a credit union as part of the fringe benefits of your employment, do it. The credit union will bend over backwards more than a commercial bank or mortgage company to get you set up in your own house. By the way, a home is an excellent investment to get into.

[Hodge]

Get a 30 year fixed rate. Interest rates will be on an upward trend for a long time (inflation, government debt, trade deficet etc). If you get a 3 or 5 year fixed which then goes adjustable, you could be in for a nasty surprise.

[gauge14iv, MSN, APRN, NP]

Actually...

fixed rate vs not....there is a lot of varying opinions on those - and none of them agree but that rule doesnt hold true for every situation.

So....get to know a mortgage banker who will consider your situation, your desires and your financial goals - DONT just shop rate or features!

[EmilyCCRN]

I bought my first house three years ago (by myself) at the age of 23 when I was only making $20/hour. The purchase price was $138,000 and I chose to do a 5/1 ARM at 4.5% because I knew that I would be "upgrading" before the five years was up. I went from paying $850/month for a 2-bedroom condo (rent) to paying $900/month for a 3-bedroom house, and since the interest and property taxes are tax-deductible, I'm pretty much "breaking even." One's credit score is a huge factor, of course, so talking to a mortgage broker or your credit union/bank is a great place to start because they can lay it all out for you. Good luck! It can be done! :)