What's your advice for college graduates seeking a mortgage?

[Jonathan Feliciano]

Hello BP Community,

I've heard so much about the mortgage pre-approval process. One particular qualification that comes up repeatably is "two years' worth of tax returns." As a soon-to-be college graduate, I believe I and many other graduates alike would have difficulty fulfilling this qualification, as some of us may be getting our first jobs right out of college.

To all of you, I ask: What advice would you give a college graduate that could help them secure a mortgage?

[Bruce Woodruff]

There are ways around this, but the rules of the game are the rules. And they make sense if you think about it from their point of view....You might get a loan with a new job and that W2, but in my experience it's not that easy. You could get fired or laid off next week and then couldn't pay them back.

Getting a partner or co-signer is a more likely route. Or wait two years and accumulate knowledge during that time.