College Grads Getting Home Loans

College Grads Getting Home Loans

College Grads Getting Home Loans

Recent college or university graduates are not usually considered prime candidates for home ownership Middletown. But for those fortunate few for whom buying a home is a realistic possibility, there are a few programs available that can help you out.

For most new graduates, buying a home is one of the furthest things from their minds. Many have massive debt loads from student loans and are taking low-paying entry level jobs in their chosen fields. In the current economy, many are even moving back home with their parents until they can afford a place of their own.

But for some, post-graduation is an attractive time to buy a home. Many young people get married during the year after graduating, and are looking to set up a household, with two incomes to pay the bills. Those who have completed graduate school may have secured a well-paying, professional position they intend to remain in for some time and often have relatively little student debt, owing to paying their way through school on graduate assistantships.

State mortgage Middletown help for grads

Other states may offer similar programs; check with your state housing authority or department of higher education.

Special deals for alumini

In some areas, mortgage lenders offer special deals for graduates of area schools. For example, MFG Mortgage Services in Reno, Nev. offers a 25 percent reduction in its mortgage origination fee for graduates of the University of Nevada-Reno. Graduates of The College of New Jersey can save $500 off closing costs by getting their mortgage through Fairway Independent Mortgage of Sun Prairie, Wis.

Another way to save on a home loan Middletown is through your university credit union. Even if you didn't join as a student, most university credit unions are still open to alumni, and may offer better mortgage terms than you can find on the commercial market, as well as offering special programs for alumni.

And don't forget about your alumni association. Many alumni groups have arranged for special insurance rates for their members, which can add up to several hundred dollars a year on home insurance.

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