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Obtaining a Mortgage Based on Job Offer Letter

I am finishing up my doctorate and have accepted a faculty position at a University in a different state. My new salary will be more than twice the current combined salary of my husband and I. I begin September 1st but we would like to move during the summer. So far, every bank we call says we can't get a mortgage until I have a pay stub. One bank said we can get a pre-approval with the job offer letter but can't close until I get my first paycheck. Another said, maybe if we had 20% down. The only way we could have 20% down is if we liquidated all of our retirement accounts (including my mother's - who's living and moving with us). We do currently own a house that we are listing within the next 2 weeks but the real estate market is pretty bad here so we aren't too optimistic that it will sell quickly. We may end up renting it after we move if it doesn't sell. Once I am working we will have plenty of income to cover the 2 mortgages. If we could get a mortgage on a new house before we sell our old house we'd have to use a small downpayment so we could keep some of the cash to pay for both mortgages. Are there any plans out there that could help us? We are comfortable with borrowing some from our retirement accounts but don't want to borrow it all. We'd probably prefer a lower downpayment though, with the option to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] in a year. I have very good credit as does my mother (who could potentially be a co-owner, but her income is small too). My husband has average credit. Thank you.

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

tlambert, the general rule of thumb was that as long as you had an offer letter, signed and dated by all parties, you could close within a 30-day window prior to the beginning of a new job. mind you, i said "was."

things have changed so dramatically in this industry that i wouldn't be surprised if this is one of those changes. if i can find out from our underwriter what the new rule is - if any - i will gladly let you know.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

tlambert's picture
tlambert | Joined: April 2, 2009 12:16 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for the quick reply! I see you are in CT. I am actually looking to buy in Mass. . .

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you're welcome - i just asked the underwriter, who wasn't quite sure of the answer, although her speculation is that we are in the same boat as those other lenders. she believes it may be a situation in which you'd have to be able present at least one pay stub prior to (maybe at) closing and follow up with another once you receive it.

she is escalating the question up the ladder and will let me know. guidelines have been changing so rapidly and frequently that what we knew yesterday could be ancient history tomorrow. it's a very volatile time for the mortgage industry, and it doesn't make things any easier for any of us.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

tlambert's picture
tlambert | Joined: April 2, 2009 12:16 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is a little frustrating, especially since all the professors I know had no problem getting a mortgage with their first job offer letter. But, I know, times have changed. I was still hoping a state university tenure-track faculty position would be looked at as a stable enough job that there would be a way for us to do it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

here i am a day later and unsure as to what our answer will be. i'm not one to try to bug an underwriter too often, but i'll try to get an update before i leave today.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

here i am a day later and unsure as to what our answer will be. i'm not one to try to bug an underwriter too often, but i'll try to get an update before i leave today.

[b:6e58d031eb]this was me! :)[/b:6e58d031eb]

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

tlambert's picture
tlambert | Joined: April 2, 2009 12:16 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for looking into it for me. There's no rush. We are anxious of course, but we do have some time as my job doesn't start until Sept 1st.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes...there is still hope.

but of course, there's always hope.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

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