Did you know you can get a mortgage loan based on future income from a job offer? Even if you plan on moving before you start your new job, you don’t have to worry about the hassle of short term rentals or temporary living situations – you can BUY a home based on your future income!
That’s what one of our clients recently reached out to do – when offered a new position in the Raleigh, NC market, our buyer decided to move from his home in California to give east coast living a try. He was very excited to encounter a lower cost of living and cost of real estate in a thriving North Carolina economy, but wasn’t sure how he could qualify for a mortgage.
That’s where we came in!
The JM Loans team is licensed in both California and North Carolina, and since we’re an agency-direct lender, we can qualify our borrowers AND close their loans with only a job offer letter used for qualifying income! While there are some restrictions, a job offer can be used to qualify and close a home loan with the JM Loans team as long as it’s a non-contingent offer (for example, if an offer letter is from a law firm BUT is contingent on an applicant passing the BAR exam, this would NOT qualify until we had evidence that any contingencies were removed from the offer), is an offer in writing that has been accepted, and outlines both start date and salary. Buyers must have proof of adequate funds to close and reserves to cover any mortgage payments that are due between their settlement and when they will begin to receive salary.
This program allows for a lot of flexibility because a buyer can close on their new home any time within 90 days of starting their new employment provided they meet the above listed requirements. We have found it most helpful for recent grads relocating to start their careers, people in the midst of job transfers, or those seeking out a relocation mortgage.
In our scenario, our buyer turned his California home into a rental property, and we were also able to use the potential rental income as we had both a lease agreement and evidence of deposit to support it. This is a perfect example of how easy it can be to get qualified for a new home loan even in potentially complicated scenarios, as long as you work with an experienced team that knows their products, guidelines, and documentation requirements!
For job offer letter mortgages, the JM Loans team is an excellent option – we specialize in helping relocating clients move into their new home with no hassle or headaches, and we understand the stresses of moving to a new area, and all of the pieces that need to fit together. In our history of working with clients, employers, and real estate agents, we ensure a team strategy that makes the financing a breeze, and with our ‘pre-underwriting’ process, our client’s loans are ready to close often before they’re ready to move. This particular client in Raleigh, NC was so happy he left us a 5 star review and let us know he had an “excellent experience”.
Questions about getting a mortgage with an offer letter? Want to know more about how we can make your move and mortgage easy? Reach out today at 484.680.4852 or ask an expert here for a near-instant response!