Getting a Mortgage in the New River Valley Without Pay Stubs

Getting a mortgage


You’ve been accepted to your new job at Virginia Tech, or at Radford University, and you want to buy a house, but you don’t have two pay stubs to show your lender that you really ARE gainfully employed!

No problem.  This happens a lot in the New River Valley.

From Dan Green’s blog:

Get an Offer Letter

To use “offer letter income”, all that an applicant must do is to meet these 5 criteria :

  1. Provide a non-contingent offer letter, signed by the applicant and the new employer
  2. Provide evidence that the job start date is within 90 days of the mortgage closing date
  3. Provide evidence that the subject home will be a primary residence
  4. Provide evidence that the subject home is a detached single-family residence, townhome or condominium
  5. Sufficient reserves to pay mortgage payments plus real estate taxes and homeowners insurance during the gap between closing and the job start date, plus an additional 3 months of reserves
We have a client doing this now, with Dan Green and Waterstone Mortgage. ┬áThe one thing to be aware of is that you may want to have as much as six months of reserves (#5) – the rules for lending are an ever-changing target.

2 thoughts on “Getting a Mortgage in the New River Valley Without Pay Stubs

  1. Jeremy Post author

    Hi Christie – many of the banks here locally will work in this way, due in large part to the fact that both Virginia Tech and Radford University are such major employers in our area. Lots of other banks will do the same, but not all … you’ll just need to check with your particular lender. If you’d like more information from a bank that does allow this, let me know and I’ll get you in touch.

  2. Christie


    I’m curious to know if this option still exists (i.e., obtaining a mortgage before having a paystub from a university in VA).

    Would this work at all banks? Or just particular ones in the state?



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