Getting a Mortgage with a New Job?
If you have a job offer letter from an employer, you could be a good candidate for an offer letter mortgage or projected income mortgage. A lot of people think mortgage qualifying involves evidence of current income to the tune of W2 forms and paystubs. While this is true in many cases, there are several other ways to qualify for mortgages. In recent months, alternative income methods have made a comeback. One qualifying income program that’s been here all along, but isn’t widely known is the Future Employment, Job Offer Mortgage Loan.
What is a Job Offer Letter Mortgage?
It is exactly as it sounds – income that is not currently going into a borrower’s bank account but is expected to arrive in the near future.
FHA, VA, and USDA Loans require that your new job must begin within 60 days of the loan closing and 120 days for Conventional Mortgage Loans. We also allow you to use Income from cost-of-living adjustments and performance raises or Social Security Retirement income that has not yet begun. This is great for teachers who are changing schools or whose contract begins with the new school year, college students wanting to buy prior to starting their new job and a teacher whose contract begins with the new school year and a Doctor / Physician beginning residency after the loan is scheduled to close. Are you Relocating to Florida and You Haven’t Started Your New Job Yet and You Want to Purchase a Home Before You Start Your Job?
New Job Mortgage Loan Requirements.
- The new job must be the same or similar job/position or in the line of work that you are in college for.
- A family member or an interested party to the new job is not allowed.
- Must be a Single Family, Townhome, or Condo and be occupied as your primary residence.
- Employment offer or contract MUST reflect the following. The start date of employment, The salary, and terms of employment Be signed by the employer and the borrower to evidence acceptance
- The employment offer or contract must be non-contingent or have any contingencies of employment. If it does, then they must be satisfied before closing.
- Cash Reserves are required to cover the qualifying payment for the loan (PITIA) for the number of months between the note date and the borrower’s start date of employment. Each partial month must be rounded up to a full month.
- 620 Credit Score for FHA, VA, and Conventional Loans.
- 640 Credit Score for USDA Loans.
Eddie and the First Florida Financial team were nothing short of outstanding! This was, by far, the most straightforward, professional mortgage loan process we have ever experienced. Eddie has an…read more →
Comparing Current Florida Mortgage Rates
Finding the lowest Florida mortgage rate is very important, that’s why we’ve already searched them for you, getting the lowest interest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best interest rate is a big deal.
Current Florida Mortgage Rates
Why Should You Choose Us For Your Job Mortgage Loan?
We work for You & Not the Bank. When working with us, your not “stuck” with ONE bank’s restrictive set of underwriting guidelines, which can put caps on your debt to income ratio or require a lot of mortgage reserves! We always seek out the best lender to suit your specific situation and find lenders with the Best Mortgage Rates! Oh, Ya we don’t keep bankers hours we always answer your phone calls and text messages in the evening and on the weekends…. because we don’t get paid a salary…. we only get paid when your loan closes and most of the time we get paid by the lender and not by you!
We offer the Best Mortgage Rates!
Our “Outside The Box Thinking” gets home loans approved and closed every day through a variety of unique loan products! One-Year Tax Returns, Cross Collateralizing Properties, Assets as Income, Bank Statement as Income, and No Income Verification Investment Loans. Along with our years of experience and understanding tax returns, knowing what expenses to add back in and how to stretch your funds to pay off debts to reduce your DTI. If necessary, we can try to increase your credit score, then do a rapid credit re-score.
Get Pre-Qualified Fast, see you’re credit scores immediately, and close in 30 days or less with our E Zip Mortgage! It’s all online, reduces paperwork, and provides you with a secure, collaborative document upload portal that regularly notifies you via text messaging & emails with all loan updates. Get Started Now!
Our Professional and Experianced Team of Loan Officers are ready to help you.