Is it true? If so, what do while I wait?

[Tyler Pearson]

Hi Everyone,

Scenario: I am talking to a mortgage broker that has given me a layout of what she can do for me considering my credit score (750+), the amount of money I want to out down, and how that will look over the long haul. I am 6 months into my first job out of college and she has told me I must wait another 6 months (a full calendar year) into my new job to apply for a conventional loan because that will be the best option due to my credit, how much money, I want to out down (can put down), and doing my best to avoid PMI.

Loan: Around $200,000 with 5-10% down. 

(I can already do the 5% and am working my way quickly towards 10%)

Question 1: Is it really necessary to wait another 6 months and have a full calendar year of employment under my belt to apply for a conventional loan?

Question 2: What is the best way I can fill my time between now and then? I want to learn a lot, yes but I don't want to burn myself out (as I tend to do when it comes to things I can only read about). I don't want my desire to turn stale within the next few months and my interest wane.

Thanks for all the help!

[Bjorn Ahlblad]

@Tyler Pearson you are only 6 mos away. Start looking at properties, work the numbers and make sure of your underwriting skills. It can easily take 6 mos to find something. All the best!