This Article Is About Employment Offer Letter Mortgage Programs And Guidelines
Recent college graduates can now qualify for a home loan with an employment offer letter mortgage. Employment and income are some of the most important factors when it comes to qualifying for a mortgage. Mortgage underwriters will look at the borrower’s employment history for job stability and the ability to repay. A long stable employment history means a lot for mortgage underwriters. However, homebuyers who have been prior full-time students and just got their first job are exempt from the two-year employment history. Recent students who have graduated from high school, trade school, community junior college, college, graduate school, or professional school are exempt from the two-year employment history requirement. In this article, we will discuss and cover qualify for a mortgage with an employment offer letter and the lending guidelines.
How Can You Get A Mortgage With Your First Job Out Of School With An Employment Offer Letter
Most lenders require a two-year employment history as part of their mortgage lending guidelines. However, homebuyers who were full-time students and do not have employment history may qualify for a residential mortgage loan. The years as a full-time student are 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. 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
Gustan Cho Associates is a mortgage banker, correspondent lender, and mortgage broker. We have a hybrid mortgage banking/mortgage broker business model. We have our own in-house operations and support staff including our own mortgage underwriters to originate, process, underwrite, close, and fund FHA, VA, USDA, and conventional loans. However, we also have the ability to broker non-QM and specialty mortgage loan programs such as no-doc home loans, bank statement loans for self-employed borrowers, asset-depletion loans, non-QM mortgages one day out of bankruptcy and foreclosure, 90% LTV jumbo mortgages, and non-QM mortgage with credit scores down to 500 FICO. Gustan Cho Associates has a national reputation of being able to do loans other lenders cannot do. Over 75% of our borrowers are folks who could not qualify at other mortgage companies due to their lender overlays or because they got a last-minute loan denial. We are experts in helping borrowers with 500 credit scores qualify for a mortgage.
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 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays.
