Offer Letter Mortgage

August 1st, 2022 Posted by florida mortgage, Mortgages in Palm Coast 0 thoughts on “Offer Letter Mortgage”

If you are applying for a mortgage, it is usually in your best interest (and suggested) to not make any changes in your job or career path. Mortgage lenders look for stability. As one of the prerequisites or requirements you could call it, they require a two year job history. However, there is a possibility to still obtain a mortgage without having this requirement. It would take some work, but it is possible. 

 

If you fall in this category and do not have a two year job history, you should consider an offer letter mortgage. Your past income, education, and potential for future income is looked at in order to measure income. If someone recently graduated from law school, you could consider an offer letter mortgage. Your potential for future income is great. This type of program does not bypass your credit score, down payment, etc. But it affects your eligibility, interest rate, and loan amount. 

 

Not only are recent graduates applicable for this situation, but someone who is staying in the same profession but just switching companies would be applicable. Also, if you are staying in the same company but perhaps moving out of state, you would also be applicable. This is true even if your job in your new location has not begun. Lenders just want to make sure you will have a reliable income so you can make your mortgage payments.

 

If you plan to go this route, it is important to make sure your job offer letter includes many details. It should include your start date and your salary. It should also be signed by both you and your employer. The more specific the letter is, the happier the loan officer will be.

 

There are quite a few loan types that allow this type of letter. Do not lose your hope if you are in between jobs and you want to apply for a mortgage!

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