Home Buying in Los Lunas>Question Details

guest, Home Buyer in Los Lunas, NM

Is it possible to purchase a home if you do not have a pay stub yet?

Asked by guest, Los Lunas, NM Thu May 24, 2012

My husband is starting his medical residency at the Albuquerque Veteran's Hospital, and we are buying our first home in Los Lunas. We would like to move in before he begins work. Since a medical residency is a binding agreement for a minimum of 3 years, can the VOE suffice for proof of income?

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This is a good question for the loan underwriter. Please feel free to give me a call to discuss local lenders and who has a history of doing a good job. You may want to get an answer to this question in writing to prevent the question from being answered differently just before closing.

No all lenders will answer this question the same so be prepared to talk with more than one lender. When you get a satisfactory agreement with a lender who fully comprehends your situation you can move forward.

Not all lenders have the same amount of expertise in dealing with non-routine situations. Your situations may or may not pose a hard question. Your challenge is to make sure your lender can turn your situation into a routine, undramatic transaction.
0 votes Thank Flag Link Thu May 24, 2012

When do you both expect to receive your first pay stub? It can take 30-45 days to close, not to mention the time it takes to search for a home. Therefore, in that time frame, you very well may have as many as 4-8 pay stubs.

If you'd like, give me a call, text or email and I will connect you with a mortgage lender who can take a look at your situation to determine all your options.

Meanwhile, let me know what you're looking for in a home (e.g. minimum beds/baths, etc.) and I will show you what's available. There are some great bargains today. Some properties offer a $100 down payment incentive.

Since the Seller pays for my services, there is no cost to you for my assistance. Let me know how I can help.

Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Thu May 24, 2012
We chose Los Lunas for the schools.
0 votes Thank Flag Link Thu May 24, 2012
Not usually, but you will need to check around with a few lenders. Have you already found your home? Why did you choose Los Lunas?
0 votes Thank Flag Link Thu May 24, 2012
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