Financing in Chicago>Question Details

Lawgrad2012, Home Buyer in Chicago, IL

Mortgage Approval Based for Recent Graduate?

Asked by Lawgrad2012, Chicago, IL Sun Jun 3, 2012

I am a recent law school graduate, and I will be starting working at a large Chicago firm in September at a base salary of $160K. I have a good credit history for my age (my average score is 740, high is 758). I would like to buy a condo in the city instead of renting, ideally with an August close. Unfortunately, I will not receive my first paycheck until September. From browsing this and others sites, it appears that my inability to provide a current pay stub will be a significant obstacle to mortgage approval. I think the most I can provide is a letter of intent from my employer and pay stubs from my summer stipend (which is significantly less than my base salary will provide).

Can anyone recommend a course of action or lenders who may be willing to work with someone with my circumstances? Alternatively, are sellers ever willing into enter into 3/6 month leases with options to buy so they buyer can secure financing during that period?

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Bill J Deligiannis’ answer
Congrats on your graduation and on your upcoming purchase.

Get pre approved first.

Feel free to contact me with any questions.

Bill J Deligiannis
First Centennial Mortgage
0 votes Thank Flag Link Fri Jun 8, 2012
A second vote here for the wonderful people at A&N Mortgage and especially their president Neena Vlamis :

Neena Vlamis
A&N Mortgage
0 votes Thank Flag Link Thu Jun 7, 2012
My bank has a program in which you can close with a signed employment contract. This program is used for doctors besides lawyers.
0 votes Thank Flag Link Mon Jun 4, 2012
Annette, I will not have a contract, just verification from my firm that I am employed by them and the salary level (which is public information for most firms anyway). Would this suffice?
Flag Mon Jun 4, 2012

You're right: Anyone can get you pre-approved with a letter of intent, but you won't be able to CLOSE until you can show a pay stub.


The key piece of information you left out of your question is the amount of your summer stipend. Although it may be significantly lower than your starting salary, it MIGHT be enough to get you qualified for the condo you desire.

It's worth a shot, and it costs you nothing to find out.

Give me a call or shoot me an email.

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
Web Reference:
0 votes Thank Flag Link Sun Jun 3, 2012
The amount of the stipend is only $12,000 for the summer, split between 3 or 4 monthly payments.
Flag Sun Jun 3, 2012
I would recommend speaking to Neena Vlamis at A&N Mortgage -- she will be very up front with you about your options. I can't recommend her services enough.

Neena Vlamis
President, A&N Mortgage

Lease to own options are rarely available here in Chicago, but you do see them pop up occasionally.
0 votes Thank Flag Link Sun Jun 3, 2012
I have a lender that may be able to do this.

As to rent to own, most sellers are pretty leery on this because it usually doesnt end up well.
0 votes Thank Flag Link Sun Jun 3, 2012
Your situation Is not uncommon nor difficult. I recommend you check with several lenders. I would like the opportunity to be one of them. Please feel free to call me for a competitive quote.
Sam Sharp
Senior VP of Mortgage lending
Guaranteed Rate
312 217-4030
0 votes Thank Flag Link Sun Jun 3, 2012
I would be happy to help you, as well. Our affiliate, Wells Fargo will work with your letter of intent to help get you pre-approved. Feel free to contact me: 773-343-4114 or
0 votes Thank Flag Link Sun Jun 3, 2012
You can indeed get a mortgage just based on the letter of intent. Call Ryan Nolet of Chase at 847-491-9391. In addition, Chase may have a relationship with your new employer that may offer you other benefits to help you buy a home. I have personally assisted new law school grads and folks in the medical field who have just finished their residency purchase a property and get loans only with a letter of intent from an employer, good credit score, and a minimal downpayment.

Jeff Nobleza
Baird & Warner
773 677 5340
0 votes Thank Flag Link Sun Jun 3, 2012
My web site has some lender references and they seem to have a variety of loan options. Avoid the big banks like Chase/Citi as they tend to be rather rigid in what they allow. Also try the smaller banks like PNC,TCF, maybe Pearl Mort, but first try my references.
If it turns out that you need to rent I can help with that also.
0 votes Thank Flag Link Sun Jun 3, 2012
Congratulations on your graduation and employment.

Most loan qualifications require a 2 year employment history at current salary or slightly increasing.

The other option, is your Law Firm. they may have options for home ownerships of new members

Good Luck
0 votes Thank Flag Link Sun Jun 3, 2012
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