Employment Offer Letter Mortgage Programs And Guidelines

This BLOG On Employment Offer Letter Mortgage Programs And Guidelines Was UPDATED On June 7th, 2019

Recent college graduates can now qualify for a home loan with an employment offer letter mortgage.

  • Most lenders require a two year employment history as part of their mortgage lending guidelines
  • However, home buyers who were a full-time student and do not have employment history may qualify for a residential mortgage loan
  • The years as a full-time student is used the same as employment history
  • A college graduate can qualify for a mortgage loan even prior to graduation as long as they get an employment offer letter from their employer who hired them
  • The employment offer letter mortgage also applies to those who have been offered a new job as long as their employer can provide an employment offer letter
  • Those who get an out of state job offer and can provide the mortgage lender an offer letter can qualify prior to starting their new job
  • However, lenders require 30 days paycheck stubs prior to closing on their home loan

A job offer letter mortgage is basically a guaranteed future promise income letter from the employer.

Offer Letter For College Graduates

College graduates who have recently graduated can now apply for a mortgage. They can purchase a home as long as they have a job offer letter from their employer.

  • The two-year work experience is waived by the mortgage lender
  • School transcripts are required to provide proof that they have been a full-time student in lieu of the employment history
  • For those who are interested in relocating to another part of the state or a different state altogether can now qualify for a mortgage prior to starting the new job as long as they can provide an offer letter
  • The offer letter mortgage program is being accepted by many lenders
  • Mortgage lenders required the borrower to provide two periods of paycheck stubs, which is 30 days worth of proof of income via paycheck stubs

What Is An Offer Letter Mortgage?

The job offer letter mortgage is a non-contingent offer of employment letter by the employer which documents the start date.

Here are case scenarios where borrowers need employment offer letters:

  • Brand new first job out of high school or college
    • Need offer letter of employment 
  • Going from 1099 wage earner to W2 wage earner
  • Quitting one job and starting a new full-time job
  • The employment offer letter needs to be signed by the mortgage loan applicant
  • The new employer and position of the job offer, the salary, benefits, terms, and duties of the employee

Home Buyers who need to qualify for a home loan with a direct lender with no mortgage overlays on government and conventional loans can contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at [email protected] We are available 7 days a week, evenings, weekends, and holidays.

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