Posted on: 23rd Apr, 2009 11:10 am
My husband and I currently rent an apartment in San Francisco. I have been offered a job in Boston beginning September 1st. My husband is an investment banker and plans to quit his SF based job and seek work in Boston after we move. We would like to be able to qualify for a mortgage and close on a house prior to my start date of 9/1. The problem is technically both of us will be unemployed at the time of the closing. With our current salaries, we would EASILY qualify for a substantial loan. We currently each make about the same amount of money. My new job is a fraction (1/2) of my current job's income (part time) so we would technically be cutting our short term income by 75% which is not enough to get the size mortage we would likely want. So my questions are:
1 - Will I have an issue using a signed offer letter to obtain a mortgage prior to my start date of 9/1 or will we have to wait until after I start and can produce pay stubs?
2 - I've researched the concept of trailing co-borrower income and think my husband's current salary can be considered to an extent when we are shopping for a loan. Is that correct?
Any other advice offered would be greatly appreciated!
1 - Will I have an issue using a signed offer letter to obtain a mortgage prior to my start date of 9/1 or will we have to wait until after I start and can produce pay stubs?
2 - I've researched the concept of trailing co-borrower income and think my husband's current salary can be considered to an extent when we are shopping for a loan. Is that correct?
Any other advice offered would be greatly appreciated!
Lenders would like to see some income, not just an offer letter. The offer letter does nto gurantee thejob until you join, especially in this job market.