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 :
- Provide a non-contingent offer letter, signed by the applicant and the new employer
- Provide evidence that the job start date is within 90 days of the mortgage closing date
- Provide evidence that the subject home will be a primary residence
- Provide evidence that the subject home is a detached single-family residence, townhome or condominium
- 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
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