How can I acquire a loan with limited work experience?

**Huy72983** · 03-11-2009, 01:35 AM

I'm planning to buy a home with a 20% down payment and am looking for a loan for the rest. I don't have a credit score off hand but I am pretty sure it is high since I have a perfect payment record for 7 years with credit cards with monthly averages of about $750. I just graduated college last summer and began working this past january. I have heard that you need at least 2 years work experience to acquire a home loan. Are there any methods I can acquire a loan? I have also heard that if I obtain a job in my field of major, then my college experience can count as work experience. Any truth in that?

Thanks

**Renaissance America** · 03-11-2009, 05:41 AM

Get your credit score. This is one of the first things everyone should do. If you can't take the time to get your credit score, you're definitely not ready for a mortgage.

Lenders don't just look at your FICO score, they also look at how much debt you have relative to your income, your job stability, etc, etc. If you have cards, plural, with $750 each, doesn't really matter what your payment history is like if your debt to income ratio is 50%

**Huy72983** · 03-11-2009, 08:11 AM

I have 0 debt, job is in healthcare where there is a big demand and shortage of staff so it is very stable, and the salary is high even though I'm just starting out.

**Renaissance America** · 03-11-2009, 08:23 AM

That's great, and you sound like you're exactly what a lender is looking for. But you do not go into a lender without knowing your credit file first. Bureau's have incorrect info all the time - you don't know until you look. Shame if you got declined because you didn't do your homework.