Online House Hunting

How long until I can buy house?

I graduated college a year ago and have been working full time for a little more than a year. Is it feasible for me to buy a house now or should I wait longer?

Public Comments

1. talk to a couple of lenders. some want 2 years of earnings history in same industry. this is not a hard and fast rule so talk to more than one lender to get different opinions.
2. While you may be, as Dave says, okay with some lenders regarding length of time on job, there are also other factors - how have you handled your credit in the past, have you saved up enough for a deposit (3.5% for an FHA, 10 to 20% for a conventional, non-FHA), do you have enough for closing costs (figure 3 to 5% for closing), do you have an emergency fund (6 months of income/living expenses minimum). Buying a house is a big step - you do not want to place yourself in the position of being house rich and cash poor which leads to other problems (over-extended on credit, etc.). Housing isn't going anywhere for some time - what is affordable today will be just as affordable tomorrow.