Employment Conditions
When a buyer makes an offer on a home, it is highly adviseable they attach a
pre-approval letter from a lender, or if paying all cash, a letter of credit
from your financial institution where the money is deposited. If neither is
attached, the seller will likely decline the offer.
Equally important, when you are needing a loan, the loan officer usually will
require current pay stubs to validate your source of income. This would apply to
VA & FHA loans, and often conventional loans also.
If a spouses income is needed to qualify for the loan, the spouse needs to be
currently working, or if transferring or changing employers, needs a "letter of
hire" from a future employer and that letter submitted to your loan officer
ASAP.
Important Notice:
If you are changing jobs, be sure the new employment is in the same field or a
comparable field to meet the minimum job tenure requirements also. Discuss the
new job you may be seeking with your lender to insure the job change doesn't
disqualify you for your loan.
The only exception to employment requirements that I am aware of is when the
loan officer can provide qualifications for a "no income" type loan. It is
imperative that buyers consult with their loan officer immediately after an
offer is accepted to revisit the subject of lending conditions, one of which, in
most cases, is employment requirements.
Should this explanation be unclear to you, please let your agent "and" your loan
officer know as soon as possible.
|
|