Tag: new job

VA – Future Income: How does VA handle future income when the borrower has an employment contract but no paystub? Chart – Expected Income – New Job Starting After Closing – All Agencies

Answer: VA does not prescribe a certain time frame regarding commencement of a new job. A paystub is not required in order to close when there is a valid offer of employment. (See highlighted portion of the guideline below.) Because VA doesn’t provide any other details regarding offers of employment, you can expect a standard […]

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FHA – Expected Income – Relocation: My client is moving and has a contract from his new employer. Will FHA require their first paystub? [MC Chart – Expected Income & New Job]

Answer: Your borrower will not need to wait until they receive a paystub in order to qualify for an FHA loan if all of the requirements for Expected Income are met.  See the full guideline below.  Mortgage Currentcy also has a great chart, Expected Income & New Job Chart, which lists all of the lender […]

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Fannie Mae, Freddie Mac & FHA – New Graduate Job: Can we use the income of an applicant who just started a position upon graduating college?

Answer – Fannie and Freddie Say: Both Fannie Mae and Freddie Mac should be able to support this.  Support by obtaining a 30-day paystub, or an offer letter and a copy of his degree. Reference: Employment Offers or Contracts If the borrower is scheduled to begin employment after the loan closes, the lender may deliver the […]

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Fannie and Freddie – New Graduate Employment History – If a borrower is a new graduate and is now employed, can we use the years in college as employment history?

Answer: Yes. Fannie and Freddie do not necessarily require a two-year history until it comes to variable income sources such as Bonus, OT, Commission, and Self-employment.  You may want to include the borrower’s school transcripts or trade-school diploma to show they were in school for the past couple of years and that the job lines […]

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