Sycamore, IL · Member since 2017 · 26 posts · 9 votes
Hello there,
I recently (last week) started a new job with a 50% salary increase (going from 50K - 90K, from a not-for-profit startup to a much more established not-for-profit). I'm looking into options for financing a first house and met with a mortgage banker about 4 months ago before the job search happened. I put most of the house hunting on hold while the job situation was settling out, but now that I have it set, I wanted to know when is the best time to re-engage with the mortgage banker? They required the last 2 months of pay-stubs when I went in earlier, and I haven't been on long enough to get paid yet at the new job.
I'd like to get into that first house (mutli-family property) before next fall, so I have some time, but I also don't want to wait around if I don't have to. I'm also going to explore other creative ways to make this work in the meantime.
I recently (last week) started a new job with a 50% salary increase (going from 50K - 90K, from a not-for-profit startup to a much more established not-for-profit). I'm looking into options for financing a first house and met with a mortgage banker about 4 months ago before the job search happened. I put most of the house hunting on hold while the job situation was settling out, but now that I have it set, I wanted to know when is the best time to re-engage with the mortgage banker? They required the last 2 months of pay-stubs when I went in earlier, and I haven't been on long enough to get paid yet at the new job.
I'd like to get into that first house (mutli-family property) before next fall, so I have some time, but I also don't want to wait around if I don't have to. I'm also going to explore other creative ways to make this work in the meantime.
Any advice on this one?
Thanks,
Caleb
Offer letter and first paystub should work just fine, provided the offer letter is detailed and it's still W2 work ("salaried 1099 employee" is a contradiction in terms).
I recently (last week) started a new job with a 50% salary increase (going from 50K - 90K, from a not-for-profit startup to a much more established not-for-profit). I'm looking into options for financing a first house and met with a mortgage banker about 4 months ago before the job search happened. I put most of the house hunting on hold while the job situation was settling out, but now that I have it set, I wanted to know when is the best time to re-engage with the mortgage banker? They required the last 2 months of pay-stubs when I went in earlier, and I haven't been on long enough to get paid yet at the new job.
I'd like to get into that first house (mutli-family property) before next fall, so I have some time, but I also don't want to wait around if I don't have to. I'm also going to explore other creative ways to make this work in the meantime.
Any advice on this one?
Thanks,
Caleb
Offer letter and first paystub should work just fine, provided the offer letter is detailed and it's still W2 work ("salaried 1099 employee" is a contradiction in terms).
Every lender will require different criteria. Your lender may want 2 months of pay stubs. You can actually get pre-approved with an offer letter, but you can't close until you have 30 days worth of paystubs.
Sycamore, IL · Member since 2017 · 26 posts · 9 votes
9y
@Jerry Padilla that's great. So basically, I should just call or email the mortgage lender again to ask but it's likely that I could move forward with getting pre-approved right now with just the offer letter?
Investor · Boulder, CO · Member since 2017 · 61 posts · 32 votes
9y
Caleb,
Even if they still require 2 months of employment at your new company, it makes sense to contact them now. Then when 2 months(or whatever time) rolls around, they will think, "I told this guy to come back in 2 months, and that's exactly what he did. He must be serious. I think I'll actually invest my time in this guy instead of the yahoo that just walked in today."
I have had some clients with kind of the same issue. The key thing is 2 years of experience in the same line of work. If that is met then we can work with your new pay. Anyone can give you a pre-approval but of course, the key thing is getting the financing accomplished. If using an offer letting it would need to show that is not contingent on anything, such as background check, drug test, etc. This is speaking in terms of the requirements of my company.