Offer Letter

VA – Offer Letter: What is the VA Policy for using income to qualify when a person does not start by the closing date?

Answer: VA does not have specific guidance regarding future income/job offers except in the case of an active duty service member who is soon leaving active duty and has a civilian job offer. The documentation requirement that you see on your AUS findings is for VA’s alternative documentation option.  This requirement is for a paystub covering [...]

2018-07-25T07:56:58-05:00July 24th, 2018|

Fannie Mae – Offer Letter as Income: If a borrower has an offer letter with contingencies, can they close before they start their new job?

Answer: Fannie Mae offers two options. Option One requires the lender to hold the loan until the borrower’s first paycheck is received. This leaves the lender at risk, but you could close with contingencies if the lender wants that kind of risk, but they would not be able to deliver the loan to Fannie Mae [...]

2018-06-25T08:25:33-05:00June 24th, 2018|