Mortgage Myths: Work History

Being that I am Mortgage Banker that happens to be a Young Professional, I tend to work with a lot of First Time Home Buyers, Millennial’s & Young Professionals. One of the questions that I am constantly asked is “How long after graduation do I need to wait until I can purchase my first home?” or some people tell me that they know that they “Cannot purchase a home because they started their first job only a few months ago”.

This could be one of the biggest Mortgage Myth’s that I bust on a daily basis.

According to the Fannie Mae Selling Guide “A minimum history of two years of employment income is recommended”. What isn’t described as a part of the above guideline is that a buyer can use their education history as work history.

Here’s our story –

Let’s just say you graduated from Grad School, you landed the most amazing job in the world & you’re going to be earning a great salary but this is your first job.  You also tell yourself that you would rather purchase your own home rather than signing a lease and paying someone else’s mortgage.

Here’s our solution –

In order to qualify you, we would only need 30 days of paystubs prior to closing on your loan & a copy of your College Transcripts as proof that you have been working on earning your degree for at least the past two years.


Owning a home can be much cheaper than renting. One of the benefits of owning a home as a Young Professional is that most of the time we aren’t tied down to a family or the same responsibilities as those who may have kids or who may be married. This allows you to rent out a room to fellow Young Professional or friend to help with monthly expenses. Not only does this reduce your monthly obligation but it will give you the opportunity to have someone else help pay down your mortgage balance on your behalf.

Most Young Professionals will also fall into the category of being First Time Home Buyers. Another reason it is an amazing time to purchase a home is because of all of the Government Sponsored First Time Home Buyer programs that are available when purchasing a home.

The question is, to buy or not to buy? I lean towards making a great investment & purchasing your first home!