Employment Offer Letter Mortgage Approval: College Graduates
Recent college graduates can now qualify for a home loan with an employment offer letter mortgage. Most mortgage lenders require a two year employment history as part of their mortgage lending guidelines. However, if you were a full time student and do not have employment history, you may qualify for a residential mortgage loan. Your 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 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 employment offer letter can get a mortgage loan prior to starting their new job.
An employment offer letter is basically a guaranteed future promise income letter from the employer.
Employment Offer Letter Mortgage: College Graduates
College graduates who have recently graduated can now apply for a mortgage and purchase a home as long as they have an employment offer letter from their employer. The two year work experience is waived by the mortgage lender. School transcripts is 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 loan prior to starting the new job as long as they can provide an employment offer letter. The employment offer letter mortgage program is being accepted by many lenders. Prior to the employment offer letter mortgage program, most mortgage lenders required the mortgage loan borrower to provide two periods of paycheck stubs, which is 30 days worth of proof of income via pay check stubs. Now, that is no longer necessary for mortgage lenders who participate in the employment offer letter mortgage lending program.
What Is An Employment Offer Letter Mortgage?
The employment offer letter mortgage is a non contingent offer of employment letter by the employer which documents the start date. The employment offer letter needs to be signed by the mortgage loan applicant and the new employer and position of the job offer, the salary, benefits, terms, and duties of the employee.